Selling your home with an Arctic rental?
It does not have to hold up your closing. You can transfer the rental to the new owners with no transfer fee, once your account is up to date, or buy the equipment out first at a price that was fixed the day you signed. Both are self-serve in your portal.
Signed up with Arctic by phone, in person or through your home builder? Call us and we will start the transfer with you.
Transfer it to the new owners
The usual choice, and the simplest. The rental carries on at the same monthly price with the new homeowners, they take it over from the closing date, and there is no fee to make it happen, as long as your account is up to date. You start it yourself in your portal.
Buy it out before you close
If the buyer would rather the equipment came with the house owned outright, you can buy it out at the price fixed in your agreement, which drops every year. Your current figure is in your portal right now.
How a transfer works
Start it in your portal
Sign in and start the transfer against the equipment at that address. It takes a couple of minutes.
Give us the new owners and the closing date
We need their name, their contact details and the date the house changes hands, before closing. Mention the rental in the agreement of purchase and sale too.
We contact them directly
Arctic takes it from there. The new owners sign on online and complete a short identity check, and it becomes their agreement.
Your billing stops at closing
Once the new owners have taken it on and your account is up to date, you are not billed past the closing date. There is no exit fee for transferring.
For the buyers, and their lawyer
The new owners take on the same agreement at the same monthly price, with service and repairs still included and the same fixed buy-out schedule. Nothing about the terms changes because the house changed hands, and the equipment becomes theirs at year 15 exactly as it would have become yours.
- Same monthly price, no increase on transfer.
- Same buy-out schedule, fixed on the original agreement date.
- Service and repairs still included.
- They can buy it out at any point, or let it transfer to them at year 15.
If your lawyer has questions about what is registered against the equipment, or needs something in writing for the closing, call 1-833-ARCTIC1 (1-833-272-8421) and we will deal with them directly. It is quicker than passing messages through you.
Moving into a home that already has one?
If you have just bought a house with an Arctic rental in it, the transfer is usually started by the seller. If it was not, call us and we will pick it up from your side instead. You can also see the agreement, the buy-out schedule and every document in your own portal once it is in your name.
Bought the house under a power of sale or in a bankruptcy? Then the rental comes with the house, including any payments the previous owner missed and any damage to the equipment, the same way unpaid property taxes would.
Set up your Arctic account →Closing soon and not sure where to start?
Call us. We deal with transfers every week and we can usually sort it on the phone.