10 Things Houston First Time Home Buyers Should Know About Buying a Home With Solar Panel
Are you buying a home with solar panels, here are 10 things you need to know.
These are expensive items, so they are often leased from the solar panel company instead of being own out right.
If the panels were financed, the solar company may have placed a lien on the property you are in the process of buying. All liens must either be satisfied by the sellers at closing or assumed by you, the new home buyers.
Understand that the seller/s may need to contact the solar panel company before listing their home to find out what requirements must be satisfied. If the panels are leased, there will be requirements that must be satisfied.
Solar panel must be disclosed to you, the home buyers and copies of leases delivered to you within 5 days of the contract's effective date.
As the potential buyer/s, you can either assume the existing lease or request that the seller/s remove them. Should you choose to assume the panels, you will need to check with your loan officer first.
You will have the right to terminate the contract 7 days after receiving the solar panel lease from the sellers.
The sellers will need to make sure the solar panels lease is assumable, before listing the home.
Since existing solar panel may add to the cost of the home you are in the process of buying, please make sure you speak with your lender to avoid any financing issues.
Keep in mind, if you choose to assume the solar panels lease, the solar panel company may have their own set of requirements that you must satisfy before assuming the lease.
Solar panels that are being leased does not add any value to a home.
Take the time to learn as much as possible before making your decision, since solar panels is an added expense that you may have not budgeted for. As always, thank you for stopping by. Until next time... Diana
