Knowledge Base

PACE is designed to allow the repayment to stay with the property, however accelerated repayment could be a condition of title transfer, at the discretion of the seller, buyer, and/or lender. When a property owner sells or refinances their property, state statute authorizes the assessment to stay with the property; however, the seller’s lender or the buyer's lender (Mortgage Company) may require the seller to pay off the remaining outstanding balance of the assessment before the property owner refinances or sells the property. Property owners should consult with their lenders at the time of refinance or sale of the property to determine whether the program assessment will need to be paid in full. In addition, by law, property owners must provide written notice of the assessment to the buyer prior to sale of the property. 

The disclosure shall state “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.”