Had a question for you all. We have a tenant that would like to sell their home for contract for deed to another prospective tenant. Is this something you would allow? Or do you only allow tenants to sell their home out right?
Thanks!
I would and do allow this, but would require pre-qualification of the new purchaser.
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Thanks Lukelovell
Just seems like it could be a mess evicting someone and then trying to figure out who owns the trailer / filing an abandoned trailer.
A potential pain - especially if there were multiple people doing it on our park.
Thanks so much for your input!
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Private party lenders should be treated the same as institutional lenders.
I don’t think there is much you can do or say about this arrangement. So long as they transfer the title properly.
AW
Wouldn’t this be the same as subletting, since a Contract for Title wouldn’t transfer the title immediately?
I do not allow subletting and I would try to make that my argument against this. If that failed, I would hold the “lienholder” and the “buyer” equally responsible on my lease with them. I would insist on them both being on the lease or it moves out. Some money is not worth making. If it is going to cause big legal issues you will lose in the end. I would find it hard to believe that the seller of the home in this case wants to still be on the lease agreement with the park, so that might stop that deal from becoming a headache.
You can’t prevent someone from selling what’s theirs. Nor do you have the right to tell them HOW they can sell it (cash, contract, third-party financing). You can make sure that the prospective buyer meets your prescribed/written tenant qualifications/screening. And pays your current published deposit requirement.
It not being real estate, there is no “deed”. It’s a simple purchase contract for personal property, like selling a car to your neighbor. The lender holds the title until the loan is paid in full. Your DMV probably has all the forms the seller/lender needs. It’s just a car…