3 Things to Know About Selling a Home With Solar Panels

Diamond Real Estate  - 3 Things to Know About Selling a Home With Solar Panels

Investing in solar panels for your home is a great way to reduce your energy costs, but many homeowners have to pay for solar panels over time. If you’re considering getting solar panels, or already have them, and want to sell your home, here are 3 things you should know:

1. Know what you owe. “While solar panels are a great selling point, they can potentially make things tricky for the seller,” explained Adam Diamond, an attorney with Diamond Real Estate Law. “If they haven’t been fully paid for when you go to sell, you may have to pay them off completely at closing.” If you do not have enough money to pay what you owe, you may need to cancel the sale or do a short sale.

2. Find the paperwork. Many solar panel companies offer payment plans. “The fine print of some agreements allows a lien to be placed on the solar panels and requires full payment at closing if the home is sold,” added Diamond. “Some companies allow the seller to assign the payment plan/agreement to the buyer. However, the buyer may have to be approved by the company, apply for the loan, and there may be a fee for assigning the loan.”

3. If you want the Buyer to pay for the Solar Panels, tell them up front. “If you need to add the cost of the solar panels to the price of the home, it is best to let the Buyer know as soon as possible. Waiting until the last minute to tell the Buyer that they need to pay extra for the solar panels can cause a lot of last-minute stress and could jeopardize the whole deal,” said Diamond.

If you are confused or you are not sure what the deal is with your solar panels, a local real estate attorney can usually help you figure it out. At Diamond Real Estate Law, experienced real estate lawyers with decades of experience will help facilitate the best home-selling experience possible.

For more information, please contact:

Adam Diamond, J.D.

Diamond Real Estate Law

(a division of Diamond Legal P.C.)

815-476-8661

www.diamondrealestatelaw.com