10 Things to Know About Buying or Selling a Home With Solar Panel

Good morning and a very happy Friday to you. If you are selling or buying a home with solar panels here are 10 things you need to known

1. Because solar panels are expensive, they are often leased from the solar panel company.
2. If the panels were financed, the solar company may have placed a lien on the property. (remember, all liens must either be satisfied by the home sellers at closing or assumed by the new home buyers)
3. The home sellers may need to contact their solar panel company before putting their home on the market for sale, so they can know what requirements must be satisfied, if any.
4. Solar panel must be disclosed to the home buyers and copies of leases delivered to the home buyers within 5 days of the contract's effective date.
5. Home buyers can either assume the existing fixture lease or request that the sellers remove them.
6. The home buyers has the right to terminate the contract 7 days after receiving the solar panel lease from the home sellers.
7. The home sellers should also make sure the solar panels lease is assumable.
8. Since this will add to the cost of the home, thereby increasing the loan amount, the home buyers should speak with their lender to avoid any issues.
9. Keep in mind, the solar panel company may have their own set of requirements that the home buyers must satisfy before assuming the lease, should they choose to.
10. The home buyers does have the right to consult with an attorney to discuss any issues that may arise due to the solar panel lease.

If it matters to you, it matters to us. We are always looking out for your best interest. As always, thank you so much for stopping by, and remember, if you are thinking of purchasing your new home, or selling an existing one, please give us a call. We are here to help. We have been helping home buyers and sellers 12 years and counting. Until next time...Diana

Image by: Diana Walton

Astor & Eaton Realty
Diana Walton
Real Estate Broker
713.208.8013
Write to Diana Walton at homes@astoreaton.com
https://www.har.com/dianawalton

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