When you sell your home, t. may be a lien on the title for your solar panels. If the panels are not paid for, you need to pay them off. The amount is based on what you owe.
Pay at time of closing.
If you have a loan for the panels, you will have to pay off the loan. You can do this yourself or transfer it to the new owners. However, buyers are rarely willing to take over payments prior to owning the house. Unfortunately, to close on the home, you need a clear title, t.fore, the buyers would need to take over the loan prior to buying the home. You can see the catch-22 ..
Solar panels will have a lien on your house.
All solar systems have a lien against them because they are part of the house. This means that if you do not pay for your system in full before attempting to sell it; t. will be a lien against your house until it is paid off.
Lender won’t close on a house with a lien
All solar systems require legal paperwork and filing with the title company. Your lender may not allow you to close on a home with an unpaid solar system due to this lien as they need a clear title to close.
The added value of solar panels
Some buyers might prefer a home with solar panels. However, they do not add apprised value to your home. Much like nice landscaping, panels are a preference not an asset.
If you are buying a home with Solar Panels, or are in marketing for a new home. Contact me,
.www.ddamortgage.com/dottie for more .rmation.