buying or selling a house with leased solar panels that’s what we’re talking about today the thing is is that i have a client who’s buying a house it has leased solar panels and it’s now holding up or closing because nobody can figure out how to move past this so i decided to do a video today about that this way if you have a house that has solar panels on it or if you’re buying a house with solar panels on it you’ll know exactly what to do you’ll do that ahead of time right after this welcome back to my channel i’m so happy you’re watching this video because this is something that’s happening more and more as a realtor on staten island i drive around staten island i keep seeing more and more roofs have some solar panels on them and the question is well one day before your lease expires you’re going to decide that you want to sell this house or you’re a buyer and you fall in love with the house and now you want to buy a house and it has solar panels and they’re leased and you don’t know what to do about it so in this video i’m going to walk you through it and you’ll be well equipped as a staten island realtor and a staten island resident i love helping you navigate the home selling process and today’s subject is solar panels so let’s get right to it i got on the call reached out to the solar company that is currently leasing out to this homeowner for this house the house is located in southeast annadale and we’re holding up the closing because nobody knows what to do on how to transfer the ownership so they told me that there’s two options one option is the buyer can pay off the lease in full and just get to the closing and call it a day or the seller can pay off the entire lease of the solar panel get to the closing and call it a day but option number two is transferring ownership from the seller to the buyer now a leasing contract is a contract so you can’t break this contract either has to have to pay them in full or transfer ownership to the buyer in our particular situation the buyer has agreed to take over the lease and continue making payments as they are scheduled on a monthly basis for the remaining duration of the solar panel lease so i went i got this information the lady on the phone told me yes she confirmed those are the only two options and she sent me an email with instructions okay so as a buyer of the house you can go ahead and take a look and fill out the application yourself assuming you have all the information from the seller now i’m going to be very doubtful that the seller will give you some private information about them in our situation we did get a contract a copy of a contract i could show you what the contract looks like so this is the contract on top of here you’re going to have a lease number this is what it looks like gives you all the terms payment schedule and so the solar company sent me an email and it basically reads are you trying to sell your house refinance or apply for a reverse mortgage do you need to make changes to your lease contract because of military relocation divorce marriage or death oh boy please visit www.sunpower.com life and click on submit online so let’s go and see what do we need to get started so you have an option to refinance least change home sales home sale change to current lease due to sale of your home must be completed prior to final close current for current hormone instructions for completing are included in the form or let’s see what changes to lease due to well we’re not relocating due to those things so let’s submit online and let’s see what happens relationship to currently see i would say is buyer requesters email i would put my email let’s see what happens right because we want to see what happens requesting for buyers assuming the lease please provide the following information okay so i do have the lease number which we’re gonna put in here i have the owner’s name and maybe i’ll have the homeowner’s contact number so you will go through all of this and you will fill it out the obvious question now is how long will it take right because we want to know how much time do we have and we want to be proactive because we’re trying to avoid holding up the closing because of a solar panel lease transfer so the nice lady on the phone told me it takes seven to ten business days so i’m taking into consideration 10 business days will be two weeks if i know that i’m planning a closing sometime within the next three to four weeks a good idea is to start right now i also asked a question that i’m sure you guys have a question about and that is okay and what happens if the lease is being transferred but yet i have not closed on the property yet i don’t want to be paying on a lease on a home that i don’t own yet and the answer to me was basically they can update the dates as needed as long as the paperwork and everything has been done and approved so the paperwork requires to be filled out uh within the two weeks it’s going to be approved and then just like we’re getting if you ever closed on the house before you know that you have to provide evidence of homeowners insurance in order to be at the closing sometimes the closing gets delayed so what happens you your insurance company changes the effective date based on the closing date it will work the same way with the lease transfer of the solar panels as well so don’t be scared to buy a house with solar panels yes you are basically getting a monthly payment i don’t know nothing about solar panels i don’t want to tell you if it’s a good idea or not everybody has their own opinions about it their conclusion is is that there’s a lot easier than i anticipated and i’m sure it’s a lot easier than you thought this was pretty easy i’m so glad i actually took the initiative for my client made that call and i can help my client get that done so they can finally get to their closing date i did a video about who schedules the closing date you can watch that next right there it’s a good video we always talk about all the processes from beginning to end when you sell a house or you buy a house but nobody ever talks about who actually schedules the closing date consider subscribing to my channel thank you so much for watching i will see you next monday
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