Selling Your Solar Home in Phoenix, AZ: LoanPal Solar Loan Transfer Simplified
Phoenix, AZ is known for its sunny skies, making solar homes not just a trend but a wise investment in sustainable living. If you have a LoanPal solar loan on your home and are thinking of selling, here’s a concise guide to ensure a smooth transition.
Navigating the Sale of Your Phoenix Home with a LoanPal Solar Loan
When selling your Phoenix solar home, you have two options regarding your LoanPal loan:
- Loan Payoff: Most homeowners choose to pay off their LoanPal loan from their home sale proceeds.
- Loan Transfer: A prospective buyer can take on the LoanPal loan if they’re interested and meet the qualifications.
Let’s delve into the loan transfer process.
Step-by-Step Guide to Transfer Your LoanPal Solar Loan:
- Communication: Inform LoanPal about your intent to sell.
- Contractual Agreement: Ensure the property purchase agreement states the loan transfer as a sale condition.
- Initiating Loan Transfer: The potential buyer contacts LoanPal to kickstart the loan transfer process.
- Approval: The buyer’s creditworthiness determines the loan application’s approval.
- UCC-1 Removal: Lift the UCC-1 filing related to the solar equipment before finalizing the sale.
- Finalize the Sale: All parties involved conclude the sale.
- Transition: The buyer assumes the home and continues solar loan payments, enjoying sustainable energy benefits.
For sellers, it’s crucial to understand the Solar Loan Agreement, make necessary disclosures, and maintain open communication with the buyer.
Checklist for Sellers:
- Loan Agreement: Ensure the buyer is informed about the Solar Loan Agreement’s rates and terms.
- Outstanding Payments: Any pending payments should be disclosed to the buyer.
- Solar Form of Intent: Fill out, sign, and hand this form to the buyer.
Important Note: Ensure all payments and interest are settled 5-7 business days before the Close Escrow Date. An additional payment might sometimes be necessary to offer the buyer a 30-day buffer from the escrow’s closure before their initial payment.
For Aspiring Phoenix Home Buyers: Navigating Your Solar Loan Transition
- Stepping into the world of solar homes in Phoenix, AZ is not only an environmentally-conscious choice but also a sound investment. When buying a solar home, especially one that is backed by a LoanPal (now known as GoodLeap) solar loan, there’s a specific set of actions to ensure a seamless transition.
- Begin by procuring and thoroughly reviewing the Solar Loan Agreement. This document provides an in-depth look at what you’re committing to. Once you’ve familiarized yourself, proceed to complete every section of the LoanPal solar loan application diligently.
- Expressing your commitment is pivotal; the Form of Intent serves as a promise note to the seller, indicating your keen interest in taking over the solar loan. However, it’s essential to wait for LoanPal’s green light, ensuring you meet all their requirements.
- While the loan aspects are critical, understanding the origins and warranties of your future solar equipment is equally significant. Engage with the seller to learn about the solar installer and then reach out to the installer to confirm the transfer of all applicable warranties post-loan acquisition. Additionally, loop in your insurance agent to ensure the solar panels on your soon-to-be home are adequately covered.
- Lastly, transparency and communication with LoanPal can expedite the process. Share essential documents like the Real Estate Purchase Agreement, Closing Statement, Loan Estimate on the new mortgage, and your recent paystubs as income evidence. With these steps, you’ll be better equipped to make your solar home purchase in Phoenix a resounding success!
The UCC-1 Financing Statement Explained
It’s essential to clarify the UCC-1 Financing Statement. Contrary to common belief, it’s not a lien against your home. With a LoanPal solar loan, a UCC-1 is filed as a lien on the solar equipment, not your home. It ensures LoanPal’s (now known as GoodLeap) rights as the financier of your solar system, protecting against third-party claims. For any concerns, reach out to LoanPal at [email protected].
Both parties must recognize that LoanPal (now GoodLeap) isn’t in charge of the home sale or closing timeline but merely aids the loan procedure. The loan transfer only completes once the buyer gets credit-approved. If they can’t take on the loan, it must be settled in full.
In conclusion, with LoanPal, now operating as GoodLeap, selling your solar home in Phoenix, AZ becomes a breeze. Their transparent and flexible solar loan solutions ensure a seamless home sale experience while still capitalizing on Arizona’s plentiful sunshine. If more information is needed, reach out directly. With this step-by-step guide, your transition will be effortless!