New Laws For Mobile Home Buyers & Sellers

A new law in the State of Delaware will better protect sellers & buyers when buying and selling mobile homes as follows:

SB 56, which now awaits the governor’s signature, brings important updates to challenges in landlease transactions, including:

• Right of first refusal: Community owners must now pay 10% above a buyer’s best offer and act within 7 days of receiving the seller’s notice of sale if they wish to purchase the house
• Two-step notice procedure: Sellers must now give their landlord a notice of intent to sell before listing, and a notice of sales agreement once under contract. These notices can be delivered by mail, in person or by email, eliminating outdated delivery restrictions
• Protections for inheriting homes: Leases and lot rents may now transfer to heirs, who will have one year to decide whether to keep or sell the home. They may be required to pass a criminal background check if one wasn’t done before the original tenant’s death
• Community owners may offer to buy out a tenant’s right to transfer, but homeowners should carefully consider the long-term impact of selling that right.

FRANK A. HORNSTEIN

REALTOR

Accredited Staging Professional

Iron Valley Real Estate At The Beach

Call or Text 302-604-4746

Email: frankhornstein1@gmail.com

https://frankhornstein.ironvalleyrealestate.com/