We desperately need your advice, found our first small park and all went very well until there was time to sign a contract, and owner wasn’t ready to submit titles for 5 park owned homes (out of 10 in total). Park belonged to his mother, and he inherited land, but who knows who is the owner for those trailers…
I spoke with my lawyer and he said there is no way legally to go through abandoned trailers procedure to get titles for us, in addition - owner currently rents those trailers, with no leases…
I don’t want this to be a deal breaker, and will appreciate some advices, what we should do?
You should be able to get bill of sales for each home. Usually it’s not a big deal and you’ll never get title to these homes. A lot of them have been lost and DMV will likely never get around to it. It shouldn’t be a deal killer.
Dont toss the deal to the curb. Seems like most states have ways for dealing with this, question becomes of risk, time, money , effort, energy to resolve.
If its an issue you will have, the next legitimate buyer should have them to , so you have to explain this to them and see if you can work through it with them. Will a price concession resolve this as hedging against risk ? Can money be placed in escrow and be disbursed as resolved? Is it a simple thing you can do, don’t ask your attorney, search the states law and association, find out what the process and protocol is yourself first .
Thank you! Really appreciate.
Thank you. Good idea, will try to find it myself. Seller can probably resolve it and hopefully can get titles to homes but it may take him 20 years
I own several parks and have never been worried about Title to homes. Although if the homes are newer I would confirm there are no liens. As far as older homes it has never influenced my decision on a deal at all. As long as no money is owed you should be good! Always get a bill of sale regardless.
I would like to see what we can do for your situation.
Give us a call sometime this week.
You can likely get Titles by going through the abandonment process… this will take some time.
You should contact the Treasurer to see if any back taxes or current taxes are owed on the homes. You should have them paid or negotiate them out of your purchase price on the park.