I’m buying a mobile home park that has about 4/40 park owned homes. Those 4 are nice doublewides. There is a balance owed on the homes. The seller says he will keep receiving the money owed from the notes of the home and he will not move the homes out.
Do you guys have a contract for this? Something that states the homes can not be moved under any circumstance… Default of tenant, default of seller, moving homes from another entity the seller owns, or a partner of seller etc.
I would consider these personal property that do not transfer with the Sale of the Park - the Seller will retain those and pay you lot rent like all other tenants. There are typically sections to notate exclusions for certain personal property in your contract.
If Seller does not pay their lot rent then you can take the regular course of action as you would with any other Tenant home.
But park owners are not like typical tenants. They usually have cash and can just pick up the home and move it if they want to fill another lot in another park they own. So although the homes are double wides, which are harder to move, and he is telling me he won’t move them… I just want to make sure it is written correctly just in case anything happens. What will happen if the tenants default on the note? I think the seller has a loan on the homes as well from a bank. What happens if he doesnt pay his note to the bank…etc.
Is there anything I really can do or write in the contract? Or I just have to let it be…