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My seller has a solar system that was financed he paid

10,000 on it already...
my seller has a solar system that was financed he paid 10,000 on it already , it has a assumption clause if he sold to other person the house they could assume and now we are in escrow ready to close in 10 days and buyer went to assume loan and filled out the info and the company dividend solar said he qualifies financially but they don't loan to second home owners only primary occupants ,they never disclosed this when my client [seller ]purchased it that they restrict who he can sell the house to it is not written in his contract they were very tricky and used verbiage very wide and says to there requirements ,they did not disclose this seller may loose his sale .what can be done .They did not disclose that he can only sell to an owner occupant primary residence .
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Customer reply replied 4 months ago
I have uploaded the orig agreement
Customer reply replied 4 months ago
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Answered in 12 hours by:
3/9/2018
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 125,787
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

The contract states "Borrower may not assign or transfer any of its rights or obligations hereunder or under any other loan document or any interest there in, without prior written consent of the lender, which may be withheld or conditioned in the lender's sole discretion." So what your seller needs to do is continue paying the loan and "owner finance" the solar system to the buyer or the buyer has to get extra in the mortgage to pay off the solar loan and wrap it into the mortgage.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 125,787
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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