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PostPosted: Thu Nov 13, 2014 12:01 pm 
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LovelyThanks4Asking wrote:
The agreement appears to offer a buy-out... does anyone know how much their "fair market value" is?

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You may (so long as you are not in default under this agreement) buy the rental water heater on an “as is, where is basis”, without any recourse, representation, warranty or condition from us (express, implied, statutory or otherwise, except for those which are given by statute and which you cannot waive), by letting us know in writing not later than 30 days before the date you want to buy the water heater. The price at which you may buy the water heater will be equal to the depreciated fair market retail value of the water heater as at the date you buy the water heater (as determined by us on a straight-line basis in accordance with Canadian generally accepted accounting principles and assuming, for the purpose of such determination, that the water heater is valued on an installed basis without regard to the cost of removal and has been maintained as required by this agreement) plus all other amounts owing under this agreement. If you exercise this option and pay all amounts owing under this agreement, title to the water heater will be transferred to you and this agreement will terminate.

You need to ask them. It depends on the model and age.


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PostPosted: Thu Nov 13, 2014 2:51 pm 
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Joined: Fri Mar 07, 2014 1:51 pm
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Burrcold wrote:
LovelyThanks4Asking wrote:
The agreement appears to offer a buy-out... does anyone know how much their "fair market value" is?

Quote:
You may (so long as you are not in default under this agreement) buy the rental water heater on an “as is, where is basis”, without any recourse, representation, warranty or condition from us (express, implied, statutory or otherwise, except for those which are given by statute and which you cannot waive), by letting us know in writing not later than 30 days before the date you want to buy the water heater. The price at which you may buy the water heater will be equal to the depreciated fair market retail value of the water heater as at the date you buy the water heater (as determined by us on a straight-line basis in accordance with Canadian generally accepted accounting principles and assuming, for the purpose of such determination, that the water heater is valued on an installed basis without regard to the cost of removal and has been maintained as required by this agreement) plus all other amounts owing under this agreement. If you exercise this option and pay all amounts owing under this agreement, title to the water heater will be transferred to you and this agreement will terminate.

You need to ask them. It depends on the model and age.

I don't have mine yet, but I was wondering what other people's were just to compare notes. If it's actually the "fair market value" of it, plus the cost of installation, I'd probably go for purchasing it from them because I hate renting anything.
I have my suspicions though that they're passing off used units because they penalize you for scratches/dents if you have it removed.


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PostPosted: Thu Nov 13, 2014 6:47 pm 
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Joined: Mon Feb 09, 2009 11:26 am
Posts: 2766
Location: Milton, Ontario
KGC wrote:
Any Tips for cancelling Reliance Water Heater?
I am trying to minimize costs. I have rented for over 84 months (Minimum Rental Term) so no premature cancellation charges.
Seems they charge $65 to pick up water heater which seems like BS to me. It looks like 830 Harrington Court in Burlington is the closest place to drop off the water heater to save this charge.

I am buying my water heater from Rona (I have gift cards to use).
Any recommendations on companies to install the water heater? I am aware of North Halton Heating but not sure how highly regarded they are.
http://www.northhaltonheating.ca/
Are there any other installers who will support the install with emergency service?

Thanks in advance for any feedback.

I should note that when I purchased the house on resale it came with the water heater so I never signed the original contract.


You may find that the installation costs as much as the water heater. If necessary, the installer will need to change the black ABS exhaust piping to white PVC and he will also want to add a mixing valve.
Having said that, the same upgrades would be necessary (at your expense) even if you were just replacing an old rental unit.

John Allingham
Owner & Certified Home Inspector
Halton-Peel Home Inspection
(416) 254-5869
inspect@peelhomeinspection.com
http://www.peelhomeinspection.com


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PostPosted: Fri Nov 14, 2014 10:19 am 
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Joined: Thu Jan 03, 2013 6:53 pm
Posts: 25
John you must mean systems 636 piping which is designed for gas appliances.


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PostPosted: Fri Nov 14, 2014 10:28 am 
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Joined: Wed Apr 09, 2014 9:54 am
Posts: 338
LovelyThanks4Asking wrote:
Burrcold wrote:
LovelyThanks4Asking wrote:
The agreement appears to offer a buy-out... does anyone know how much their "fair market value" is?

I don't have mine yet, but I was wondering what other people's were just to compare notes. If it's actually the "fair market value" of it, plus the cost of installation, I'd probably go for purchasing it from them because I hate renting anything.
I have my suspicions though that they're passing off used units because they penalize you for scratches/dents if you have it removed.



when i called about cancelling and their buy out, i was told
850 for the buy out on a tank that's 9 1/2 yrs old.
875 to cancel which included the pick up.

apparently, it's on a 10 year contract so if i wait till june of next year, it would only be the cost of me dropping off their tank or them picking it up.

850 for the buy does not sound like a "fair market" value as i can get a new tank for a couple of 100 more.

with the costs they gave me, i'll be waiting for the contract to end and take it from there

edit: they did offer me a "free" inspection to make sure everything is in working order. when the tech came out, i asked him to replace the pressure release valve.
if you do call them, and you're thinking of a buy out, have them come out and replace as much crap as possible for free before you buy it out


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PostPosted: Sat Nov 15, 2014 3:27 pm 
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Joined: Mon Feb 09, 2009 11:26 am
Posts: 2766
Location: Milton, Ontario
4boys wrote:
John you must mean systems 636 piping which is designed for gas appliances.


Yes, exactly.

John Allingham
Owner & Certified Home Inspector
Halton-Peel Home Inspection
(416) 254-5869
inspect@peelhomeinspection.com
http://www.peelhomeinspection.com


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PostPosted: Mon Nov 17, 2014 7:35 am 
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Joined: Thu May 27, 2010 8:28 am
Posts: 1546
Yikes. I missed the email notifying me that people responded! Thanks for the replies. I purchased a new 50 gallon gas power vent hot water heater from Rona for $150. (It was on sale for 15% off Saturday and I had $750 from Air Miles in gift cards woo hoo). Found out from a friend whose father had one installed for a very reasonable rate (less than the $300-$500) I was quoted. Will let you know who I choose to install.


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