Due Diligence question


#1

Hi all,

After a long time negotiating with seller, finally got a park tied up and under contract and doing my DD. BTW, highly recommend the 30 day DD guide - very helpful.

Anyways, everything is checking out well so far, and numbers are looking very good, but am a bit perplexed at one thing. There are no leases or park rules. Seller states that all residents are “tenants at will”. Park is in Massachusetts.

I am speaking with my atty about this and assume I will need to send out estoppel letters to all residents for clarification, but wanted to know if others have run into this and any issues to watch out for.

Thanks

Ron