Vivint Lease Transfers
When it comes to selling a solar home in Phoenix that has a Vivint lease, the process to transfer the solar lease couldn’t be simpler. While there are a few steps that a home buyer will need to follow (even though they do not require a credit check), the solar lease transfer process with Vivint can be transferred to the new home buyer without any additional out of pocket expenses or changes to the terms and conditions of the solar lease.
Most of these steps involved in the solar lease transfer can be found in greater detail by downloading: Guide to Solar Lease Transfers, a free downloadable ebook.
To initiate the transfer of your Vivint solar lease, your listing agent, the real estate agent that represents the seller in the home selling process, should be the key person representing you in the transfer process. Before putting the home on the market for sale, the listing agent should contact the solar lease transfer department to notify them of the potential sale. The Vivint lease transfer department will send the listing agent a copy of the solar lease to use as a part of the solar disclosure as well as additional marketing and informational brochures that the listing agent can use when marketing your home for sale.
Once a buyer is found and a purchase contract for the sale of the home is negotiated between you and the buyer (including an addendum in the contract disclosing the solar lease and requiring the buyer to assume the solar lease), the buyer should contact the solar lease transfer department from Vivint to initiate the qualifying process with Vivint. Typically the buyer fills out a one page transfer form that Vivint will use to draft the solar lease transfer document.
Vivint does not have a minimum credit score requirement and does not charge the buyer any fees for the solar lease transfer. It is one of the simplest solar lease transfer programs out there.
Vivint requires a minimum of 30 days from the time the solar lease transfer is initiated with the buyer to complete the solar lease transfer paperwork.
Typically the buyer and the seller will sign the solar lease transfer documents as a part of the closing documents they sign at the title company though Vivint allows for it to be signed electronically prior to closing. The listing agent should follow up with both the title company and Vivint after the closing of the sale of the solar home to verify that the solar lease transferred from the seller to the buyer.
It is important to have your buyer talk with the Vivint lease transfer department as soon as the contract is accepted. One aspect of a Vivint lease is the UCC-1 filing against your home. The UCC-1 filing is a document recorded with the Maricopa County Recorder’s office that states that there is a solar system on the roof of your home and Vivint has an ownership interest in the solar system. While it is not a lien, it will come up during the closing process and the buyer’s mortgage lender may require it to be removed prior to closing. This could take 7 to 10 days to complete, not factoring a few additional days for the buyer’s lender to verify its removal before issuing a loan approval. Your listing agent should be on top of this so that it does not delay closing.
Do you have a Phoenix area home that has a Vivint solar lease on the roof and you have questions about selling? Call Rob Madden, the Solar Home Broker, at (480) 888-1234.