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Solar Panels Foreclosure

Solar Panel Lease Has Priority Over Bank Foreclosure

By Christopher Combs | July 15, 2019

Question: In a recent column you said that, after a bank foreclosure of a first mortgage of a home, the solar panels belong to the buyer who purchased the home at the foreclosure sale. The attorney for the title company that our brokerage firm uses said that your answer was wrong. The title company attorney said that, if a solar panel company financed the sale or lease of the solar panels, and the solar panel company recorded a UCC-1 financing statement, the solar panel company would still own the solar panels after the foreclosure of the first mortgage. Who is correct? You or the title company attorney? Answer: The title company attorney. Under a complex statute, A.R.S. §47-9334(D), a solar panel company that leases or finances solar panels, and timely records a UCC-1 financing statement, still owns the solar panels after installation at the home, despite the foreclosure of the first…

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Transferring a Mortgage

Lease Option to Purchase Must Have Specific Terms

By Christopher Combs | July 11, 2019

Question: We are leasing a small building in a Chandler industrial park for five years. After five years we want to have the option to purchase this small building in “as is” condition. Our broker says that this option to purchase only needs to be in a lease addendum that states that there will be an appraisal for the amount of the purchase price, and that we will purchase the industrial building in “as is” condition. We don’t want to spend a lot of time and legal fees now because whether we exercise this option to purchase will depend on how successful we will be in five years. Do we need more than the appraisal and the “as is” language in the option to purchase? Answer: Yes. Any option to purchase must have specificity to be enforceable. In a 2017 Court of Appeals decision, 244 Ariz. 148, an option to purchase…

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