I have a client that is just settling into his new home.  When we put the offer on the house, one of the sections in the 6 page contract dealt with an installed security system. The section has a check box to indicate if the system is owned or leased and if you want the seller to leave it or not.  Usually if it is leased, there is some contract on it and if that doesn't convey, then they can take that equipment back.  Not something people want to deal with as they are moving in.   If the system is owned by the seller, then the security company cannot come back and take the equipment.  They sellers owned the system, but just like you own your cell phone.  You can do what you want with the phone but that two year contract is yours, period.  That is how you get a $500 phone for $99. 

 In our situation, we asked that if it was owned, we want it to stay.  Over the inspection period the buyers and sellers met one day at the house because the buyers were also purchasing some furnishings from the sellers outside of the real property transaction.  During that meeting the sellers showed the buyers the equipment and indicated that there was still a contract for monitoring.  The buyers indicated that they would probably continue the monitoring after the sale.  The seller didn't think much about it, but they were bound to that contract regardless of the buyers' decision to continue the monitoring.  Nothing was put in writing or added to the closing statement.

 As it turned out, my client decided not to continue the monitoring.    The sellers were then contacted by the security company asking them to fulfill the contract with a payment of just over $800.  They were bound to the contract because they were given the equipment.  The security company could not get the equipment form the new owners, but they could hold the previous owners responsible for the cost.

 It all ended well because both parties were understanding and respectful.  The new owners were happy to let the previous owner take the equipment so it could be installed in their new home and their contract could continue.  But they didn't have to.  If it is not in writing, there is little recourse for a seller to recover.

So make sure you are reading that contract carefully and the person you choose to represent you is aware of any contracts that may or may not convey with ownership.  They can easily be handed during the offer phase and before closing.

These were not first time home buyers, but people sometimes fail to recognize that the average homeowner buys or sells every 7 years.  It is difficult to be proficient at anything if you do it only once every seven years.  Full-time professional Realtors are involved with these issues every day.  Don't be unrepresented.  I could cost more than you think.