Video: Managing Your Alarm Agreement
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When someone becomes a monitored client of ours, it typically comes with a 3-4 year agreement that guarantees that your rate WILL NOT increase for that time period. This type of agreement not only guarantees you a low rate but it is also a legal requirement in order for us to ‘have permission’ to monitor your home.
One of the common misconceptions with this type of agreement is that these agreements are designed to tie a client into a contract. This is simply not the case. These contracts do have a level of commitment for the client and us as an alarm service provider but they also have a level of flexibility that accommodates changes in life.
The fact of the matter is that, a lot can happen over a 3-4 year span and circumstances can change. There are many reasons that you may want to sell you home within a 3-4 year period (Ex: downsizing, upgrading, or a job transfer). This doesn’t mean the alarm agreement needs to be a burden, it just needs to be managed properly… and we are more than happy to help.
We have listed a number of options below, but the key to making any of the options successful is to inform us that you want to make ‘alternative’ arrangements for your agreement so that we can use our experience to ensure these arrangements are made to benefit you.
Option #1: Make the agreement part of your sales contract
- If you are selling your home, you can write the transfer of the alarm agreement into the real estate sales contract. This means that the new owner would be obligated to take on the payments of your original agreement if/when they take possession of the home, leaving you free of any obligation.
- The key with this option to ensure that you inform City Alarm that this was the arrangement so we can help you ensure that the obligation is assumed by the new owner at the appropriate time.
Option #2: Transfer the agreement to your new home
- If you were to sell your home and had an alarm agreement in place, you can simply transfer that agreement to your new home. There are a few different ways that an agreement transfer can work.
- Example #1: Your agreement includes equipment and monitoring.
- In this case, we would pull the equipment out of your old home and re-install the equipment to your new home. This arrangement comes with a small transfer/re-install fee of $150 + Tax (much more cost effective that buying out the contract in most cases
- Example #2: Your agreement includes only monitoring
- We would leave the equipment in your old home and hook-up the equipment in your new home (this assumes that there is already equipment in your new home). This arrangement comes with a minimal transfer fee of $100 + Tax.
Option #3: Transfer the agreement to a different person/business at a different location
- This is the same arrangement as Option #2 except that the agreement would be moving to a different person at a different location.
- For example, this might be the option you would use if you were moving out of province, or into a secured condo complex where option #1 wasn’t used and option #2 is not viable. The same process that occurs in option #2 would occur here with the only difference being that, in this case, the agreement would be transferring to someone else (friend, colleague, relative) at a different location.
Option #4: Continue to make payments for the remainder of the agreement
- In some cases, none of the above options are viable. If this is the case for you, and you don’t want to alter your budget with a buyout (explained in option #5), you can simply continue to make payments on your agreement until that agreement expires. If you choose this option, please be sure to send notification to us, that you will be canceling you contract at the end of it’s term.
Option #5: Buyout the remainder of the contract
- For example, if you have 23 months left on your contract at a rate of $18/month + Tax, you can simply pay out the remainder of your contract. In this case it would be $18 x 23-months = $414.00
- This is the option that ‘stings’ the most on the pocket book but it can also be the cleanest option for you to move on to a new phase in your life
The moral of the story here is to understand that you have options and that we are here to help you find the right solution for you. One of the best ways, that you can help us do that is to make decisions on the agreement before you sell your home, not after.