Leased solar panels

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  • #72392
    Renee09
    Participant

    Hello,

    I was under contract for a property that has solar panels. The owners failed to disclose that they were leased on the P & S. HAND informed me that this would factor into my affordability and I may not be eligible for the property. I am not willing to assume the remaining 18 years of the lease, not to mention the P & S states the title will be clean- however the solar panel company most likely has a lien on it. I want to terminate the contract, however the sellers only want to return 1/2 of my 3k deposit. Should I get an RE attorney involved? This is only ONE of the issues with this home. also the sellers stated in writing that they would re-list if we don’t want to assume the lease, as they are not willing to remove them.

    #74728
    TTrumble
    Member

    Hello Renee09,

    You should consult a real estate attorney, but I’m sure that you cannot be forced into assuming the lease. You should insist on the sellers giving you a copy of the lease agreement, since it will almost certainly specify what the sellers’ obligation is to the solar company if they should sell the home before the end of the lease agreement.

    In fact, it could possibly be the reason they don’t want to return your full deposit, so they can use your money to pay a penalty that may be imposed for breaking the lease. (I always get suspicious in situations like this, especially when you note that there are other problems with the house as well.)

    Don’t be afraid to step up and protect your rights, and your real estate agent should be advocating for you too.

    Tim Trumble
    Online Operations, NACA

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