Selling A Home with a Solar LeaseDaniel Dobbs2023-05-26T08:16:30-07:00
If you’re seller contemplating selling your home and you have solar panels, you’ll need to know the basic lending guidelines (that apply to any future buyers) before you go thru the aggravation of listing you home!
Sellers have only one option: to pay off the solar lease(s) at the close of escrow; which most sellers can’t or reluctant to do so.
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That because the lease is really a lien (on title ) and have a “super-priority lien” position that can be found on the title companies prelim.
In other words PACE /Hero liens are given “first position” status on the homeowner’s mortgage, so if the homeowner later wants to refinance the mortgage, seek a loan modification or sell the home, they’ll be forced to pay off the entire solar lien first.
As a seller, not disclosing either of these 2 types of leases, crashes the transaction may have legal ramifications for your agent and your broker.
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