Solar Lease Transfer – Selling a Phoenix home with a solar lease

By Rob Madden

Arizona Solar Lease, Home Buyers Solar Lease, Home Sale Solar Lease, Phoenix Real Estate, Phoenix Solar Lease, Solar Companies Phoenix, Solar Energy Phoenix, Solar Lease Agreement, Solar Lease Closing Process, Solar Lease Credit Check, Solar Lease in Home Sale, Solar Lease Paperwork, Solar Lease Process, Solar Lease Terms, Solar Lease Title Transfer, Solar Lease Transfer, Solar Panel Lease Transfer, UCC-1 Filing Removal

Transferring a solar lease when selling a home can be a multi-step process. While the specifics can vary depending on the terms of your lease and your solar provider, the following steps can provide a general guide for your situation in Phoenix, Arizona:

  1. Review Your Solar Lease Agreement.

Begin by thoroughly examining your solar lease agreement. This document will contain the conditions for transferring the lease to a new homeowner. If there are parts of the agreement you find unclear, talk with your Realtor who should have expertise in solar lease transfers.

  1. Reach Out to Your Solar Company.

Inform your solar leasing company about your plans to sell your home and ask about the process for transferring the lease to the new homeowner. They should be able to guide your Realtor through the necessary steps and provide any required paperwork.

  1. Disclose to Potential Buyers

Make sure potential buyers are aware of the solar lease and its terms in your purchase contract. This information should be included in the home listing and discussed during showings. Ensure that buyers understand that they will be taking on the solar lease payments if they purchase your home.

  1. Credit Check for the Buyer

Most solar leasing companies require the homebuyer to undergo a credit check. This step is necessary to verify that the buyer meets the solar company’s credit requirements for lease approval.

  1. Complete the Solar Lease Transfer Paperwork

After the buyer has agreed to assume the lease and passed the credit check, it’s time to fill out the lease transfer paperwork. This generally includes a transfer agreement outlining the terms of the transfer, the remaining payments, and any other responsibilities the homebuyer will have.

  1. Coordinate UCC-1 Filing Removal

A Uniform Commercial Code-1 (UCC-1) filing is often placed by solar companies on homes with solar panel leases. This must be removed to clear the title before closing. Your title agent and Realtor will coordinate with the solar company to ensure the UCC-1 filing is removed from the home. This step is especially important if the buyer plans to use any type of financing to purchase the home.

  1. Close on the Home Sale

The lease transfer should be finalized during the closing process. Your title agent will manage this process, ensuring the transfer of the solar lease is correctly documented in the closing papers.

  1. Notify the Solar Company

Once the home sale and lease transfer are complete, it’s essential to inform your solar leasing company. They will need to update their records and start billing the new homeowner.

As always, maintaining open communication with all involved parties — your Realtor, the buyer, the solar company, and your title agent — is key throughout this process. Remember that each solar lease can have different terms, so always ensure you have the most current and accurate information.

Rob Madden

About the author

Rob Madden is an experienced real estate broker in the Phoenix metro area, having worked in the industry for over 28 years. He has helped many home buyers and sellers navigate the local real estate market, and is considered a trusted expert in the field. Rob is committed to making the buying or selling process as seamless and straightforward as possible for his clients, and provides hands-on assistance at every stage of the transaction. In his free time, Rob enjoys being a Scoutmaster for a local Scouts BSA troop, hiking, backpacking, photography, and playing pinball.

Don't know where to start?

Are you ready to explore the endless possibilities of sustainable, eco-friendly living in Phoenix? Don't wait! Schedule your free, no-obligation consultation with Rob Madden today. As a seasoned realtor and certified sustainability expert, Rob is committed to helping you discover a greener, healthier, and more cost-efficient home. Whether you're interested in solar energy, water efficiency, energy-saving solutions, or simply creating a healthier living space, Rob can guide you every step of the way. Click the link now and embark on your journey towards sustainable desert living – one that aligns with your lifestyle, values, and, of course, your budget.