What happens if I sell my home before paying off the solar loan?

If an individual sells their home before fully paying off a solar loan, the remaining balance on the loan typically must be addressed as part of the home sale process. The solar loan may be secured by the solar system, meaning that the loan has a lien on the property. In such cases, the seller should communicate with their lender to understand the specific requirements and options available. One common scenario is that the loan can be paid off at the closing of the sale, using proceeds from the sale of the home. This ensures that the new owner can take possession of the home free of the solar loan. Alternatively, the seller may have the option to transfer the loan to the new homeowner, provided that the new homeowner qualifies for the loan. This process can be dependent on the specific terms of the loan agreement and local regulations. It is advisable for individuals in this situation to consult with their real estate agent or seek legal advice to ensure all aspects of the sale and loan transfer are handled correctly. Additionally, checking the current web page for Dividend Solar or related information may provide further insights specific to their financing options.