Every cottager wants a woodstove - the smell of a woodstove is second to none and the ambiance is exactly what you want at the lake! One thing I love about real estate is that it is constantly changing, and I am constantly learning. Nothing is static, and I was taught at a very young age by my grandfather that you must learn something new every day! Regulations around heat sources are one of those things that change - requirements get tighter. What passed 5 or 6 years ago for a woodstove, does not meet todays codes. Single-walled pipes now require double-walled, insulated pipes, etc. Now - I am NOT an expert on these things - I sell real estate, not wood stoves, but a recent complication has provided me with one more thing to caution my buyers about. Until recently, we could honestly say that sometimes insurance companies wanted a woodstove "WETT" certified (Wood Energy Technology Transfer) and some companies would simply send one of their own inspectors to the property and it would be satisfactory. Not any more! WETT certificates are now required by most (not sure if it is all yet) insurance companies.
Many cottages have woodstoves that do not meet today's code. For the buyer this means that a sale cannot close until the woodstove is certified, because financing cannot be in place for closing without insurance. Many insurance companies will give a grace period for the buyer to bring the woodstove to code - but not long. If you are unable to negotiate that the Seller gets the woodstove certified, you as a Buyer need to be prepared for the cost. Depending on the issue, you could face anything from a quick fix to replacing the whole stove.
Best advice - during your home inspection, have the woodstove checked for certification. If it needs changes first, find out the costs before signing off on the home inspection. Are you going to pay for it? Are you going to ask for an amendment for the Seller to pay? Are you going to ask to split the cost 50/50? Depending on the situation, there are different ways to resolve the problem, but be prepared. The best purchase is a "no surprise" purchase!
Many cottages have woodstoves that do not meet today's code. For the buyer this means that a sale cannot close until the woodstove is certified, because financing cannot be in place for closing without insurance. Many insurance companies will give a grace period for the buyer to bring the woodstove to code - but not long. If you are unable to negotiate that the Seller gets the woodstove certified, you as a Buyer need to be prepared for the cost. Depending on the issue, you could face anything from a quick fix to replacing the whole stove.
Best advice - during your home inspection, have the woodstove checked for certification. If it needs changes first, find out the costs before signing off on the home inspection. Are you going to pay for it? Are you going to ask for an amendment for the Seller to pay? Are you going to ask to split the cost 50/50? Depending on the situation, there are different ways to resolve the problem, but be prepared. The best purchase is a "no surprise" purchase!
