Must-Dos for Realtors Selling a Home with Solar Panels
The question of the solar panel system value and whether it is functional or not is unique to each situation. That’s why there are precautions and steps you should take to better help and protect your customers and yourself.
Here are some must-knows about selling a home with solar panels:
Determine if the system is owned or leased.
Before marketing a listing, it’s vital to determine if the solar system is owned by the homeowner or leased. Since most solar leases are for 20 years, it’s likely the lease will still be active when the home is listed. If the system is not paid off, then both the seller and buyer must determine their best course of action when negotiating the transaction. Major items to consider are lease terms, monthly fees and pay-off amount.
Have a legal or solar professional review the lease.
If the solar system is leased, be sure the lease is reviewed by a professional prior to entering into any agreement to list or purchase the home. A lawyer or independent (third-party) solar professional who has a good understanding of solar leases and solar panel systems in general is ideal.
Have the system inspected by a professional.
Whether the solar system is owned or leased, it should still be inspected to determine its functionality. It’s recommended that an independent solar company be hired to complete the inspection, making sure the chosen company is doing an in-depth inspection of all parts of the system.
Confer with the title company.
Work with the title company to ensure there is not a Uniform Commercial Code (UCC-1) financing statement or filing lien on the solar home property. Some solar companies file this type of lien in the land records to put third parties on notice as to their rights in the system. The UCC-1 lien is against the solar system.
Work in tandem with the solar company.
Throughout the process, the real estate professional should be working with the solar company to ensure they understand everything that is going on, and that their customer understands, as well. Anything that could have damaged the roof in the past should be inspected and taken into consideration.
September 20, 2022.Florida Realtors. 7 Must-Dos for Realtors Selling a Home with Solar Panels.
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