Frequently Asked Questions from sellers about home sale lease assignment/buyout
Are there any fees associated with the sale of my home?
Yes, there is a $300 processing fee for the termination of the UCC filings.
What paper work will SunPower provide in-line with my home sale?
An Escrow Package of home sale documents will be presented to your escrow officer/attorney. The package should be presented to each party (buyer and seller) at closing by the escrow officer for their records.
Assignment of lease
Terminated UCC filings
Extinguishment of PUC (notice of independent solar producer) – this will be sent directly to the county within 48 hours upon your Escrow/Title Company's receipt of Escrow Package. A draft will be included in the Escrow Package for your reference.
Can I assign my lease to a corporation?
No. The lease requires the buyer to live in the home and it to be their primary residence.
Can I move my solar system and keep the lease?
No. Due to production requirements by local and federal regulations we cannot allow the system to be moved and maintain the lease contract. The system will need to be purchased. It can then be moved at your expense.
What happens if the buyer's credit is declined?
SunPower will request for specific documents needed from the buyer to support credibility of assuming the lease.
What is the time-frame for a lease assignment and/or buyout process to be completed?
SunPower requires a 30-day notice prior to home sale.
Lease Assignment - Escrow Solar Documents can be completed within 7-10 business days after credit approval. Signed lease assignment documents are required for release preparation and final payment (if any) must be completed and submitted to SunPower in order to complete the assumption process.
Buy Out - Escrow Purchase Instructions can be completed within 7-10 business days once confirmation to exercise the buyout quote has been received. Signed purchase documents are required for release preparation. Payment must be completed and submitted to SunPower in order to complete the buyout process.
I'm selling my home and I have an existing Solar Lease Contract. What are my options with my lease?
You have two options during a home sale:
Assignment: (a credit check is required from the buyers, even in the event the lease is prepaid): An assignment is the transfer of the lease contract terms and conditions, which will be assigned to the new homeowner’s name during the sale of a home
Purchase: The seller or buyer has an option to buy out the system during the sale of the home
The best method to submit your request is visit www.sunpower.com/life and click “Submit Online” under the Home Sale section to submit your request online. Alternatively, you can call 1-800-321-1770 opt. 1 or email firstname.lastname@example.org with a completely filled out Home Sale form to initiate the process.