Coach62, Congratulations on your soon to be New Mobile Home Park Purchase!
Now BEFORE you close on your Mobile Home Park make sure that the existing Owner clears up the Mobile Home Titles.
In South Carolina to be ‘real’ property the Mobile Home must be on a permanent foundation (such as brick).
It sounds like Florida has the same requirement/definition.
You will want the Existing Owner to clear up the Mobile Home Titles [remove the ‘Real Property’ description and get the Mobile Home Titles in the Seller’s Name (or Business Name)] BEFORE Closing.
You will have your hands full once you close on your MHP and you do not want to be dealing with incorrect Mobile Home Titles.
When we purchased our second Mobile Home Park, it was owned by an Estate. The Mobile Home Titles were in the names of the Dad (deceased), Mom (deceased), and Business and some Mobile Home Titles did not even exist.
In order to close on the MHP we selected to create an Escrow Account where the Sellers placed $7,000 per missing Mobile Home Title in the Escrow Account. We gave the Sellers 45 Days (then 45 More Days) to come up with valid Mobile Home Titles.
In South Carolina you could eventually get Title to those Mobile Homes through the Abandoned Home Process. However, it is a time consuming process that I would not recommend (unless it is your only option…we have done it and received ownership to a Mobile Home).
Place pressure on the Sellers to fix the situation NOW and then have the Sellers put money in an Escrow Account for all the incorrect/missing Mobile Home Titles.
We wish you the very best!