Purchase and sales agreement for mobile home park?

mobile home university
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My seller is having a hard time with a sales and purchase agreement as she is using her daughter ( a residential real estate agent ).

Has anyone used the sample one posted here on page 49 ??

Does anyone care to share one of their own?
The property is in Maine if that helps…

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You can use the standard realtor P&S for ME, just make sure you have financing, inspection (physical and financial), and tenant notification (60 days in ME I believe?) contingencies in there AND have your attorney review. I’ve found that a lot of times it makes less sophisticated sellers more comfortable (and moves this quicker) to see the “standard” P&S form, versus an attorney-drafted one.

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Thanks again for your help westewart.

Do you know where I can get a standard P&S agreement for Maine? Her daughter is a real estate agent in NH and Ma. Not sure if the P&S are state specific…

Also could you be more specific in regard to the contingencies? What would the tenant notification be on there for?

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Google usually has them. Definitely state specific.
All I meant by the contingencies was to make sure you don’t use only the boilerplate language: for inspections, for example, you want to make sure you say “30 days (or whatever) from receipt of requested financial information” I.e so you don’t get to day 28 and still haven’t seen the water bills or PLs. The boilerplate P&S will just say something like “30 day inspection period”.

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ok, got it!

Thank you

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@StevenM You could draft your PSA on the back of a napkin; As long as it has price, what’s included, due diligence clause, financing contingency, seller specific performance, and NON-buyer specific performance you are good to go. Besides, the Title company is going to have the final say in reviewing the PSA and making any necessary state required edits

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Here you go.
I like Scotch. My favorite is Glenlivet 21 Archive. PM for my address…

Blank Maine Commercial Real Estate Purchase Agreement.pdf (435.7 KB)

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Thank you lorean

Is the title company something the seller provides?? (I’m obviously new at this)

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Thanks once again SDGuy! I see you like the good stuff :champagne: haha

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Where did you get that? Do you use a service for state specific docs?

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You’ll want to take the initiative on selecting the title company. Go with one of the bigger outfits such as First American, Chicago, Stewart, etc…

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We own two parks in ME, and we will likely buy more.

You can use this one and modify it to suit your needs. As @lorean87 mentioned, the Title and Escrow Company will ensure you meet all the requirements for whichever state you are in. There is almost always some disclosure in XX State, which you must give.

Here’s another example of a generic PSA
https://www.dropbox.com/scl/fo/677xo8kcspilk6igg9jy9/AC2SoXDkRcddXfSNr36IM9M?rlkey=6yebqjzd71h6b8k6yjo7ypm69&st=4agftnkm&dl=0
Generic PSA.pdf (339.0 KB)

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Thank you lorean

My lender said they could supply one for around $1500 would that be what I would be looking at for the ones you mentioned as well?

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You can use the standard Realtor Purchase and Sale (P&S) agreement for Maine, but make sure to include contingencies for financing, inspection (both physical and financial), and tenant notification (I believe it’s 60 days in Maine). Also, have your attorney review it. In my experience, using the standard form often makes less experienced sellers feel more comfortable and can speed up the process compared to using an attorney-drafted agreement.

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Hello raamy

Can you explain the tenant notification part and how if fits into the P&S agreement?

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https://www.mainelegislature.org/legis/statutes/10/title10sec9094-A.html

You do not need to notify the tenants of the sale if you plan to continue operating the park.

  1. Exception; no change of use for 2 years.
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Thank you SDGuy!

Do you know their definition of “change of use”? I can’t seem to find a definition page for that.

Also wondering when Maine State Housing Authority is to be notified as all current tennents are on HUD.

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StevenM,
Change of use means shutting down the park.

You are exempt from notifying the residents as long as you plan on keeping the property operating as MHP for the next two years.

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Got it!

Great. The park will indeed be staying open.

Thanks for clarifying

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Thank you for sharing :pray:

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