Q: I am buying a house that has a leased solar system installed on the roof. The seller wants me to assume the lease.
The AS-IS CONTRACT to purchase the house, under the “Additional Terms” section, includes the statement “Buyer agrees to assume the terms of the solar panel lease.” After speaking with the solar company multiple times, I’ve gotten wildly different amounts from them (to either pay off the lease or purchase the system outright, as I want to avoid the monthly payment, which includes a 2.9% increase every year), they have refused to give me a breakdown of how they arrived at the amounts they’re telling me, and the lease itself is just horrible in general. What are the ramifications if I do not agree to the solar lease and choose not to assume it from the seller? (This assumes the seller goes ahead with the purchase, obviously, even though I haven’t assumed the solar lease.)
Edit: I don’t have a lawyer, we’re both just being represented by real estate agents. And closing is set for 5 days from now.
Edit #2: yes I’m aware that the solar company could come and repossess the solar panels.
A: What does the lawyer you've hired to represent you say?
Bruce Alexander Minnick agrees with this answer
A: You will need or want to continue negotiating until you can reach agreement that resolves or addresses the solar panel issue. I would strongly encourage you get a clear answer from the solar company (which they are not doing and is already a terribly bad sign). You will need to negotiate on who will agree to resolve the solar panel issues and costs or you cannot reach agreement. I would further add, you cannot even begin to imagine how often the solar panel issues arises on these online forums with people not being happy with all things solar panels whatsoever due to costs, promises and how they actually work and wanting to return them (so be aware). I would estimate that two of the biggest issues that arise on these forums on a regular basis are Homeowner Association (HOA) and Solar Panel Issues, I would therefore advise, if you can avoid both of these, you absolutely should. Your offer will now accept what they want, or you will counteroffer, until you can get a clear understanding of the solar panel costs and resolution, I would not be doing much of anything. You have to decide if the solar panel issue is a worth potentially losing the deal over or if you want to try to negotiate further. Your real estate attorney will likely be able to advise you on your options and or counteroffer considerations.
Bruce Alexander Minnick agrees with this answer
A: By the way, if you purchase the house but do not assume the lease, presumably the solar company could repossess the solar panel system.
Bruce Alexander Minnick agrees with this answer
A:
The best answer you received is the answer from Mr. Thoraagard.
Unless you assume the lease, the solar panel company will probably repossess the solar panels.
You have three two options: (1) Assume the lease as is, or, (2) buy the solar panels, or, (if the price is too high) try to find someone you trust to purchase the lease from the solar panel company and reimburse them.
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