MH on rented land.

[Jeff Brrown]

Hi,
I am from the UK and have seen a MH that I am interested in buying. The propety is in a park in Florida. It is meant for a holiday home, I will be renting short term to other holidaymakers.

I am a cash buyer, so I do not need finance.

The agent has just sent me the contract, But, the land the house sits on belongs to the park. They only allow a 24 month rental period on the land at a time, they assure me that there is no problem with future land rental agreements.

Is this common practice in the USA? Or am I being fed a line?

Your thoughts will be most welcome.

Jeff Brown

[Bill Fry]

You may have a lease on the lot rent.Parks raise their lot rent on a regular basis so they don't want to lock in a montly rent rate for too long of a time.If you can get 24 months at a guaranteed rate by all means take it,most only offer 12 at the most.

[Jeff Brrown]

But is it possible for the owner to sell... Then we loose the lot?
Where do we stand then?

[Bill Fry]

If the park owner sells the park and the new owner has other intentions for the land you would have a certain amount of time to move the home.If the new park owner keeps it as a park he would have his own lease requirments which could be anything.There are no guarantees living on rented land other then whats stipulated in the owners lease.