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Another horror story.....I had no idea that solar panels are "leased" and not owned. I "assumed" the owner owned them outright.
The seller or realtor NEVER mentioned in the MLS listing that the panels had a lease/term/X years to go with it. I assumed they were his. I don't know many people that would think otherwise. I had NO IDEA we would be STUCK with a lease for 17 more years! At that point, you have option of taking them off house via the solar company OTHERWISE it RENEWS again!!I've heard many bad reviews about the particular company and am worried sick. I would like to smack this guy upside the head at closing!
I put 5k down on this house Had house appraisal done and survey already.. Seller was never forthcoming disclosing the solar panels are leased. Now here we sit, days before closing and supposedly the contract is being transferred in our name (same lease terms, same rate, never changes for life of lease.)We HAVEN'T signed contract yet. Want to get atty. to look at it and maybe back out of contract if need be? Seller has 17 years left on the lease bringing the amt. he would owe to 8k. It drops to 5926.00 @ 4 year mark for him to do a buyout clause.
Can I ask realtor to ask their realtor to have them give us approx. 3k to table so we can opt out of this mess next year? I doubt they will do it but I'd like to walk away from this if need be...but then again we don't have a lot of time to look for another home and have been dealing with the contract over last 6 weeks.Then again if we are told we will lose 5k, well probably just bite the bullet and buy the home. Time is not on our side at this point for various reasons. This idiot seller never said a word to us about the panels being leased and if not for my husband researching, I guess we'd have one of the many papers to sign at closing without blinking an eye and signing! UGH!
Is this gross misrepresentation? Do I have a chance at getting out of this?
What area are you in? That can be helpful. Some states are very buyer directed, some more seller protected.
At any rate, basically the seller has rented something attached to his house. He did not inform you. I have heard the same about rented propane tanks and such.
At the same time what is attached generally conveys. However, there is the word "rented". Can he pass on his contracts and his debts to you? Can he secretly make your life worse, damaging you? (Could be a side lawsuit.)
In the interest of time... LAWYER. QUICK. And I'd get those things off now or hold up settlement. See if the seller can pay the extra for early removal. His purchase, his contract, his debt.
We HAVEN'T signed contract yet. Want to get atty. to look at it and maybe back out of contract if need be?
This is confusing. If you haven't signed a contract yet, there's nothing to back out of.
Regardless of your actual circumstances, this should have been disclosed. (Based on the other recent thread, this sounds like a growing area of concern.) Do you have an agent representing you? If you don't have a buyer's agent to raise a stink about this (and maybe help reach some sort of settlement), make sure to get an attorney involved.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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It really helps to know what your location is.
In CA, the buyer has a period of time to do their investigations. If they find something they don't like they can cancel the transaction. Your 5K would be refunded minus any inspections you might have had the providers bill the escrow.
These "leased" systems are pretty much based on how much energy they will save you during the lease period. So, perhaps you would rather find a home where the energy bill is greater than the lease payment on this home. Your call.
This is confusing. If you haven't signed a contract yet, there's nothing to back out of.
Sounds like OP is talking about two different contracts--one with the company leasing the solar panels, which has not been signed, and the other to purchase the house, which has been signed.
Before you toss the whole deal in the garbage, have you done the math on the cost savings of the solar panels? $8k is very low price for solar panels. If the cost electrical savings they make each month is worth it, $8k might be a bargin.
In CA, the buyer has a period of time to do their investigations. If they find something they don't like they can cancel the transaction. Your 5K would be refunded minus any inspections you might have had the providers bill the escrow.
These "leased" systems are pretty much based on how much energy they will save you during the lease period. So, perhaps you would rather find a home where the energy bill is greater than the lease payment on this home. Your call.
NJ. Seller signed in Nov.10...so this Nov. would be 4 years...so sorry, 16 years left to go..
Sounds like OP is talking about two different contracts--one with the company leasing the solar panels, which has not been signed, and the other to purchase the house, which has been signed.
You are 100% correct Lisa! We already signed purchase contract (5k down plus appraisal, survey,etc done.) Haven't signed or transferred agreement yet.. Wed. is closing. Getting a lawyer Mon. or Tues. for a consult. Worst I could do is delay closing, right?
Quote:
This is confusing. If you haven't signed a contract yet, there's nothing to back out of.
Regardless of your actual circumstances, this should have been disclosed. (Based on the other recent thread, this sounds like a growing area of concern.) Do you have an agent representing you? If you don't have a buyer's agent to raise a stink about this (and maybe help reach some sort of settlement), make sure to get an attorney involved.
I don't know how NJ works but here that would be a new disclosure which means that the buyer would have 5 days to accept it, or terminate and get their earnest money back. It is material to the contract so I don't see how it can't matter.
You are 100% correct Lisa! We already signed purchase contract (5k down plus appraisal, survey,etc done.) Haven't signed or transferred agreement yet.. Wed. is closing. Getting a lawyer Mon. or Tues. for a consult. Worst I could do is delay closing, right?
Depending on how your contract is written, delaying closing could very well put you in default and be cause for forfeiture of your deposit
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I've heard many bad reviews about the particular company and am worried sick. I would like to smack this guy upside the head at closing!
