Our park is in escrow, and there are about 25 homes that technically are owned by the park, yet are on either lease option agreements or on a rent credit program. The buyer is saying the “credits” from those 25 homes should be paid to the buyer at closing. For example:
Mobile home value = $10,000
Tenant has been in home for 20 months and paid a $500 non-refundable option fee upon move in.
Tenant has paid rent for 20 month and received a credit toward future home purchase of $200 per month.
Thus, the buyer wants $4,500 credit ($500 + 20 x $200) at closing.
Since there about 25 homes, that adds up to real dollars.
Is that the correct way these types of issues are normally handled?
Would appreciated any thoughts you may have about this issue.