In Phoenix, AZ, where the sun never takes a break, solar homes are not just the latest trend but a wise and sustainable choice. Are you thinking about selling your Phoenix solar home with a GoodLeap loan attached? We’ve crafted this guide to navigate the loan transfer smoothly, ensuring your solar investment pays off.
Selling Your Solar Home in Phoenix: The GoodLeap Loan Path
When selling your solar home in Phoenix and have a GoodLeap loan, there are two options that GoodLeap will give you:
- Loan Payoff: Most sellers use their home sale profits to clear their GoodLeap solar loan.
- Loan Transfer: The incoming homeowner, if interested and eligible, takes on your GoodLeap loan.
Transferring the Solar Loan: A Simple Walkthrough
- Reach out to GoodLeap: Share that you’re selling your Phoenix solar home.
- Agreement in Place: Both buyer and seller must agree that the loan transfer is part of the property deal.
- Begin the Transfer: The interested homeowner gets in touch with GoodLeap to begin the loan transfer.
- Approval: GoodLeap checks the buyer’s financial credentials.
- Lifting UCC-1: Before the sale finalizes, the UCC-1 tied to the solar equipment is removed.
- Closing the Deal: The sale finalizes.
- Transition: The buyer takes over the home, along with the solar loan benefits.
For Buyers: Simple Steps to Solar Loan Transfer:
- Understand the Loan Agreement: Know your responsibilities.
- Apply: Fill out the GoodLeap solar loan application completely.
- Intent Form: This form indicates your interest in the solar loan.
- GoodLeap Approval: Wait for GoodLeap’s nod of approval.
- Know Your Solar Setup: Get details from the seller about the solar equipment and warranties.
- Update Your Insurance: Ensure your new home’s solar panels are covered.
- Provide Necessary Documents to GoodLeap: Including (but not limited to) the Real Estate Purchase Agreement, Closing Statement, and recent pay records.
For Sellers: Solar Transfer Steps:
- Show the Loan Agreement: Make sure the buyer knows the loan terms.
- Be Upfront about Payments: If any payment is pending, inform the buyer.
- Solar Intent Form: Fill and hand this to the buyer.
Special Note for Sellers: Clear your final payments and interest at least 5-7 days before the final deal. At times, an extra payment ensures the buyer has a 30-day gap post the deal before their loan payment is due.
What’s the UCC-1 Financing Statement?
Solar homes often come with a term called the UCC-1 Financing Statement. Relax, it’s not a lien on your home, but on the solar equipment. Securing a solar loan with GoodLeap means this filing protects GoodLeap’s financial rights over your solar setup. If this sounds complex, just know that GoodLeap is a message away at firstname.lastname@example.org to clarify.
GoodLeap is only involved in the loan process, not the sale itself. The buyer needs a credit approval to finalize the solar loan transfer. If the buyer isn’t eligible, the loan should be settled in full.
There you have it, Phoenix solar home sellers! A straightforward guide for managing your GoodLeap solar loan transfer. For further assistance, Rob’s here to help. Remember, take one step at a time, and you’ll sail through effortlessly. With GoodLeap’s transparent solar loan options, selling your solar home in Phoenix becomes hassle-free, letting you continue leveraging Arizona’s rich sunlight.
A version of this article can be found at: https://www.solarhomebroker.com/transferring-your-goodleap-solar-loan-when-selling-in-phoenix-az/