Solar Panels - Owned vs. Leased

Buying

 

Buyers today are often looking for energy efficient and environmentally friendly features in a home.  Therefore, solar panels on a home can be considered to be a real asset.  However, it is important to know early on in a home sale if the solar panels are in good condition and, whether the solar panels are owned outright or leased. 

If you are considering buying a home with solar panels make sure you ask whether they are owned or leased. This information should be contained in a well put together disclosure packet. The first place to look is in the Preliminary Title Report.  

While solar panel leases can usually be assigned to a buyer, they add an extra layer of complication to closing a transaction.  And, in a worst case scenario they may have to be removed.

The excellent article below from my friends at Cornerstone Title explains more on this topic.

 

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