What happens if I sell or refinance my property?

One of the advantages of PACE is that it is designed for the PACE assessment, and its repayment, to be able to stay with the property. However, the seller, buyer, or lender may require the PACE assessment to be paid off as a condition of the sale or refinancing of the property. Property owners should consult with their lenders at the time of refinance or sale of the property to determine whether or not they will need to pay off the PACE assessment. Additionally, state statute requires that, prior to a purchaser executing a contract for the purchase of a property with a PACE assessment, the seller give the following written disclosure statement to the prospective purchaser:

QUALIFYING IMPROVEMENTS FOR ENERGY EFFICIENCY, RENEWABLE ENERGY, OR WIND RESISTANCE. – The property being purchased is located within the jurisdiction of a local government that has placed an assessment on the property pursuant to s. 163.08, Florida Statutes. The assessment is for a qualifying improvement to the property relating to energy efficiency, renewable energy, or wind resistance, and is not based on the value of property. You are encouraged to contact the county property appraiser’s office to learn more about this and other assessments that may be provided by law.  

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1. What is Property Assessed Clean Energy (PACE)?
2. What kinds of improvements are eligible for PACE financing?
3. What are the benefits of PACE?
4. Is PACE right for me?
5. Will a PACE assessment affect my monthly mortgage payment?
6. How do I qualify for PACE financing?
7. Why do the PACE providers need to pull my credit?
8. What happens if I sell or refinance my property?
9. Can I payoff my PACE assessment early? Are there penalties?
10. What are the interest rates?
11. Can I use any contractor?
12. Are the PACE programs funded/subsidized with City funds?
13. What happens if a PACE assessment is not paid?