Title turned something up
A financing statement or similar notice recorded against the property has appeared in a title search, and everyone wants to know what it covers.
Situations we see
You are selling or refinancing and the solar is in the way
Everything was fine until a buyer’s lender, a title company, or your own refinance asked a question about the solar — and now the transaction is waiting on an answer nobody has.
What this usually looks like
The buyer has to qualify to take it over
Leases and power purchase agreements are usually transferred to the buyer, and the buyer normally has to be approved before that can happen.
The balance is larger than expected
The payoff figure quoted for the sale is higher than the remaining payments looked like they would add up to.
Nobody can find the agreement
The transaction needs the document and the document is the one thing nobody kept.
What we would look at
Timelines are usually short here, so the first pass is about what the transaction actually needs.
- What is recorded against the property and what the recording actually covers.
- What the agreement says about transferring it to a buyer, and what the buyer would need to meet.
- How the payoff figure is calculated and what it includes.
- Which document the title company or lender is asking for, and how to obtain it.
What to bring
If a title company has sent you anything, that first.
- Whatever the title company or lender flagged
- Your solar agreement, and a recent statement
- Any payoff or buyout figure you have been quoted
- The closing date you are working towards
Three ways to start
Start wherever you are right now
All three end up in the same place. Pick whichever one matches what you have in front of you.