What To Do If A Home Has Solar Panels

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When listing a home that has solar panels, agents must make inquiry with the seller to ensure that the Solar Panels are addressed.  Find out:

Are the panels leased or owned?

a.  If leased, can the lease be transferred and assumed by the buyer?

                b.  Is there an application fee and transfer fee?  Who will pay?

                c. If owned, is there outstanding financing?

d.  If so, will the seller pay off the debt at closing, or will the buyer assume the financing?  Is there an application and assumption fee?  Who will pay?

The Contract must also address:  What if the buyer does not qualify to assume/assign the lease or financing?  What if the Lessor or lender does not allow assumption? 

We have developed a form addendum to address these issues and it is now available in our Realtor Resource Center at: www.theclosingagent.com/addendums

Propane tanks and water filtration/softener equipment should also be addressed in this same manner.

Barry Miller Law is familiar with all aspects of real property law. If you, or someone you know, has legal questions concerning real estate, business or probate law, contact Barry Miller Law for assistance at 407-423-1700 or email us at info@BarryMillerLaw.com for a consultation.

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