The new Addendum Regarding Fixture Leases is among the changes approved by the Texas Real Estate Commission that are effective April 1. This addendum makes clear that all rights to leased fixtures—such as propane tanks and solar panels—are governed by the fixture leases and states whether the buyer is assuming the fixture lease or if the seller will remove the fixtures.
The Texas Real Estate Research Center published an explanation of fixture leases, which covers:
- What is a fixture?
- What is a fixture lease?
- What happens to the lease when a home is sold?
- How to use the new addendum.
My agent didn’t show me the solar panel lease contract before I purchased the house, and verbally told me that I can cancel the lease anytime without cost to me. His wife was the seller’s agent. They both defrauded me by not showing me the solar panel contract until after 1 1/2 months after I purchased the house. My agent threatened me that the seller will sue me and it will cost me three times the attorney fee since I refused to sign over the transfer to new ownership. Should they be penalized and have their license taken away for… Read more »
Have you contacted TREC, you should call them and explain this to see what they say.
I am selling a home with solar panels. The solar panels are financed and buyer will assume the loan. Where do I add on the contract that its contingent upon the approval of the loan or is there an addendum that I need to use? The solar panel loans are financed not leased.