Solar Subordination Agreement

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I sell my house and I have an existing solar rental contract. What options do I have with my lease? You have two options for a home sale: the transfer (a credit quality check is required by the buyers, even if the rental contract is paid in advance): an assignment is the transfer of the terms of the lease that are awarded in the name of the new owner when selling a home; Or, purchase: the seller or buyer has the option to buy the system during the sale of the house. The best way to submit your application is www.sunpower.com/life visit and click “Send Online” in the “Home Sale” section to submit your application online. You can also call 1-800-321-1770 opt. 1 or e-mail homesale@sunpower.com with a fully completed home sales form to initiate the process. Is there any charge for the sale of my house? Yes, there is a $300 processing fee for closing UCC applications. What is the timetable for concluding a lease and/or buyback process? SunPower needs a 30-day notification before selling homes. Lease – Escrow Solar Documents can be concluded within 7-10 business days of credit authorization. Signed leasing documents are required for validation preparation and the final payment (if any) must be finalized and forwarded to SunPower in order to complete the acceptance process. Buy Out – Escrow`s Purchase Guide can be completed within 7-10 business days upon receipt of confirmation of the buyback quota exercise.

Signed purchase documents are required for the preparation of the authorization. The payment must be completed and forwarded to SunPower to complete the repurchase process. What paper work will it offer SunPower inline with my home sale? A package of escrows of home sales documents will be submitted to your trust officer/lawyer. The package should be submitted to each party (buyer and seller) when the agent closes for their registrations. The documents are: Escrow Disposal of UCC registrations cancelled PUC Cancellation (independent solar energy producer release) – it is sent directly to the county within 48 hours of receiving the company`s continuous escrow/title package. A project is included in the escrow package. What happens if the buyer is solvent? SunPower will ask the purchaser for specific documents necessary to support the credibility of the lease acquisition. I buy a house with a prepaid lease. Why do I need a credit check? While the lease has been prepaid, SunPower uses the credit verification process to verify identity.

Credit quality verification is a prerequisite for all leases, whether the lease is in advance or monthly. What happens if I`m rejected? SunPower will ask the purchaser for specific documents necessary to support the credibility of the lease acquisition. What if I don`t want to accept the solar rental contract for this house? You can`t cancel or delete the device. If you don`t want to take over the lease, you can buy the system; or SunPower would like to help you learn more about the lease and solar system, including the benefits of solar energy. Please contact us at 1-800-321-1770 opt. 1 for questions. How much is the monthly payment and how does the lease work? Your broker can help you get a copy of the seller`s rental agreement.