New ownership checklist

We are in the process of purchasing our second Mobile Home Community, and we are putting together a list of things we need to do. Does anyone know of an existing resource?

I am thinking there would be a few different time spans:

  1. To do before ownership transfers
  2. Within the first week
  3. Within the first month
  4. Within the first six months
  5. Within the first year

If anyone has anything or knows of someone who does I would greatly appreciate it!


After You buy they park.

  1. Take photos of each and every home/space on day one.
  2. Make list of Repair and improvement projects.
  3. Get list of local outside contractors.
  4. Park and Office equipment inventory list.
  5. New Ownership sign.
  6. Site plans.
  7. Rent Roll conversion. (to your system).
  8. Join State MH assocation.
    a. get their forms for leases, evictions, etc.
  9. Local Area Map.
  10. Set up New Manager with your policies.
  11. Set up Petty Cash ledger.
  12. Get list of Homes in the park that have sold and are for sale.
  13. Find Source of New/Used homes to fill vacancies.
  14. Any POH need repairs? Get list and get repairs going.
  15. Water Usage Calculations and tracking sheet.
  16. Home by home Water leak inspection.
  17. Resident Violation form (from pictures taken day 1).

Thanks for the response! You pointed out a couple of items I was missing. Much appreciated.

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Before you buy the Park:

  1. Copy of form of Site Leases and Park Unit Agreements and park rules and regulations
  2. The most current signed Site Lease and complete tenant file for each occupied site (to be reviewed by Buyer on-site)
  3. Schedule of all Park Units and a copy of each certificate of title for each Park Unit
  4. Schedule of all current outstanding Park Unit Agreements (with outstanding balances owing) and copies of all Park Unit Agreements and any documents related thereto, including, but not limited to, payment histories and loan applications, credit reports, loan and sales documents, promissory notes, and security agreements
  5. Complete and current rent roll showing for each site: tenant name, site number, monthly rental, security deposit held, prepaid rent, rental concessions, any monetary defaults in any lease, the term and the expiration date of each lease and designating any rights to renew or extend a lease
  6. Current delinquency report
  7. Schedule of security deposits held by Seller and/or Home Seller
  8. Rent increase history for the past five years (including any utility pass through)
  9. Occupancy history for the past five years
  10. Copy of all surveys of the Property
  11. Most recent community site map and maps of water lines, sewer lines, and other utilities
  12. Any documents related to the maintenance and operation of the Water and Sewer Systems including any licenses, permits, reports, and notices of violations
  13. Copies of all utility (including account numbers), service, maintenance, leasing, management, or other Agreements which affect the Property
  14. Schedule of all Intangible Property
  15. Copies of all licenses, permits, and certificates of occupancy as required by local and state law
  16. Copy of all inspection reports and any violation notices issued by local, county, state or federal officials during the past three years
  17. Copies of appraisals, engineering reports, environmental reports and communications, including, but not limited to, Phase I environmental site assessments and Phase II environmental site assessments, baseline environmental assessments, due care plans, and communications concerning the environmental condition of the Property
  18. Any and all documents, of any type, that in any way reference the existence of mold or mold related problems or termite or insect problems at the Property
  19. Any and all documents, of any type, that in any way reference the existence of lead-based paint, hazardous chemicals, or methamphetamine or other drug contamination with respect to the Real Property, Improvements, Personal Property, or Park Units
  20. Operating statements for the current year and the past three calendar years
  21. Bank statements of Seller for each month of the current year and the past three calendar years
  22. Copies of income tax returns for Seller for the past two years
  23. Copies of ad valorem property tax statements for the past two years
  24. Insurance information for the Property, including loss run reports, and copies of the policies covering the Property, specifying the type and limits of coverage currently in place and the premiums paid
  25. Current list of park employees including job description, title, annual wages, and full or part time status, including seasonal employees
  26. Schedule of all Personal Property
  27. Schedule of capital expenditures completed for the current year and the past five calendar years
  28. Copies of estimates or bids for work to be done at the Property
  29. Schedule of homes Seller or Home Seller is attempting to install at the Property prior to Closing
  30. All pleadings or documents related to lawsuits or arbitrations at any time concerning the Property