Solving Solar Issues

I recently had a transaction where my clients were looking to purchase a home that had a solar lease.  Without getting into too much detail, the sellers disclosed the lease as “assumable” if the buyers could qualify.  There was also a buyout option for the seller if they chose to do so.  My clients made their offer and during the negotiations we researched the buyout option and discovered that for a fee of $25k they could buy out the 25-year lease.  As an agent we are always looking for creative ways to make transactions work.  Knowing the option, my client offered to pay for 1/2 of the buyout for the seller so that they would not have this same issue if they decide to sell in the future.  Since it was a lean on the title, the seller was happy to work out the buyout as well.  There may be some tax benefits as well (consult a CPA for advice on this matter) but it turned out to be a win/win for all involved.  My clients get the benefit of extremely low electric bills while they own the home and the seller was able to get their home sold and not have to worry about a buyer qualifying for the assumption of their lease!

For more information about solar options for your home I would recommend contacting Mike at AZ SolarCare.  If you would like his contact information drop me an email at TLee@TLeeRealty.com