We are selling our house, which we have installed a secruity alarm system. By the time the sale closes, we will still have 3 years left on the contract. What are our options? Ask the buyers to pick up the contract? Can we cancel the contract without penalty? Thanks
the company probably has a buyout clause. check your contract. or check with your alarm provider to see what they say.
Depends on the alarmco, I let people off all the time - as a result I get them in the new house too. It's a crap shoot with the big guys. You cannot sell the contract to the new buyer though, but you may be able to get off the hook if they will agree to sign with your existing company. Be prepared for a moderate run-around if you're with a big alarmco.
What are the terms of the agreement? Is there a cancellation clause? Off the bat, if it is like most agreements, if the new home owner doesn't pick it up, which is not always an option due to credit scores etc, or you don't/can't transfer the service to your new home, you are obligated to pay off the remainder of the agreement. You did agree to pay for whatever the terms of the agreement are. Depending on the company, you may be able to negotiate the remainder down to whatever their profit would be for the remainding time since they are not actually having to provide the service. A court will usually favor that direction for both parties. The company is entitled to their lost profit. With all that being said, don't do anything without talking to your legal counsel first. We are not attorneys here.
>Depends on several factors. What is the alarm company's name, and city/state? May have helpful info for you.
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