Plain English Breakdown
The official text mentions 'good faith' as a requirement but does not define how it is measured.
Protections for Mobile Home Park Residents
This law requires mobile home park landlords to notify residents about temporary rent freeze periods, provide detailed financial and infrastructure documents when selling the park, and limits registration fees charged to residents.
What This Bill Does
- Requires landlords to tell residents if they are temporarily prohibited from raising rent.
- Adds new information that must be included in notices sent before a landlord sells the mobile home park.
- Allows homeowners to request documents about purchase price basis, infrastructure age, and past repairs or inspections.
- Mandates sharing of financial records like rent rolls, vacancy rates, income, and expenses from the last three years upon homeowner request.
- Requires landlords to share sale details for any property sold with the park in a portfolio sale, even if buyers only want the park itself.
- Limits the amount a landlord can charge each resident for registration fees to $17.
Who It Names or Affects
- Landlords of mobile home parks
- Residents who own their homes in mobile home parks
Terms To Know
- Portfolio sale
- A sale that includes the mobile home park plus other real property or buildings located outside the park.
- Arm's-length transaction
- A deal where buyers and sellers act independently without special relationships affecting the price, as required by this law for sales of mobile home parks.
Limits and Unknowns
- The official summary does not state a specific effective date.
- The text does not explain what happens if a landlord fails to provide the required documents or conduct the sale in good faith.