Considering selling some older park owned homes, but I want them kept in the park. Is there any legal verbiage that could discourage/prevent this fr happening?. Obviously, in a rent to own situation, you could place a lien on the property which would give you some leverage. Any suggestions? Thanks
I’m no expert in rent to own, however you own the home until the end of the rent to own period at which time title is transferred to the new owner. You certainly could stop that as the home owner. No lien required.
I’ve wondered about just giving away POH homes for essentially free, with a lien on it that gets satisfied if it is kept in the park and rent paid for x years. For example, if lot rent is 400 per month, have a lien with a note for 14,400 with 36 payments of 400 that is offset by rent. Move it and pay the remaining balance, or keep it and never pay anything for the home.
If they’re worth 5-7K like most older homes then the risk isn’t really there.
Regardless, in addition to a lien on the home also have a separate space lease agreement of the same term.
Suggest a lease on space for the rent to own term so cannot move until paid off. Be careful on Disclosures Reg Z like a home purchase docs
Our contracts state that if we agree to sell someone a home, they agree in return not to move it off the property in the future. They can rent it out to someone else or sell it, but not allow it to be moved. Some others in this forum feel strongly against such a policy, and that’s fine, but our policy is simply that we aren’t in the business of selling homes which then disappear from our property. We don’t have to sell, and the buyer doesn’t have to buy, but if they choose to buy from us we ask them to comply with the requirement of not moving.
Whether it would hold up in court is another matter. It may not but losing in court once in a while is just the cost of doing business.