YGrene Property Assessed Clean Energy Mortgages or PACE Mortgages
Hello again everybody, Rich Barbara with Title Buzz at Coral Gables Title and Escrow. Today I want talk to you about yGrene and what we call PACE mortgages which are property assessed clean energy mortgages. You may have heard that the county offers a program for homeowners where you can use County issued funds that you agree to pay back over time to make improvements to your house and benefit from clean energy and reduced cost of insurance utilities etc.
Such as hurricane impact windows. The problem is when you take on one of these pace mortgages and you later go to sell your house before you paid it off in full. There are several obligations placed on you that you have to be aware of to make sure your real estate transaction goes smoothly. Not the least of which is to advise your buyer of the existence of the pace mortgage and then the buyer has a decision to make. Either, is going to assume he or she is going to assume the pace mortgage and make those payments going forward or the seller has to pay the pace mortgage off in full prior to closing.
If you don’t know about this, if your realtor doesn’t know about this and if your closing attorney doesn’t know about this you’re going to have a problem. So the best idea is that if you have a real estate transaction and you may have pace mortgage financing on your house as a seller or you’re looking to buy a house where the current owner has made pace mortgage improvements for the property. Give us a call, we’ll help you work through it. Rich Barbara of Coral Gables Title and Escrow.