Property Management
In Maine, when a mobile home owner wants to sell their mobile home while it is located in a mobile home park, who must typically be informed?
AOnly the buyer
BThe park owner, who may have approval rights over new tenants under the park rules✓ Correct
CThe MREC
DThe municipal assessor
Explanation
Mobile home park rules typically require park owner approval of new tenants. When a mobile home owner sells their home within a park, the park owner has the right to approve or deny the new tenant based on reasonable, non-discriminatory criteria.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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