Mobilehome residents could get a chance to buy their parks

Management must notify residents and specified public officials when it takes steps showing it intends to sell, lease, or transfer the park. A triggering event includes listing the park, signing certain sale-related agreements, receiving an offer management intends to accept, or other action showing intent to sell. The notice must go to each resident household, the resident organization, and specified local and state public entities. Management must send notice within 14 days after a triggering event.

A resident organization may submit a purchase offer, and management must negotiate in good faith and give a written reason if it rejects the offer. A resident organization or its assignee may offer to buy the mobilehome park. The offer must be in writing and made in good faith. More than half of the park's homeowners must support it. Management must share the information it provides or would provide to another potential buyer. The organization must submit its offer within 120 days after management sends the required notice. If no offer arrives in that period, management has no further duties under these provisions.

A resident organization gets the right to buy the park if its offer matches the price and substantially the same terms as the offer management plans to accept. The purchase right applies when the resident organization submits an agreement matching the relevant sale offer's price and substantially the same terms and conditions. Management may not reject the offer solely because of its financing terms, payment method, or closing schedule. After signing a purchase agreement, the organization has 120 days to arrange financing, unless both sides agree to more time, and a commercially reasonable time to close. The 120-day financing period begins on the date the purchase agreement is signed. A longer period may be agreed to by both sides.

A resident organization may transfer its rights to specified public bodies or a certified organization to keep the property operating as a park. Eligible recipients include the park's city, a housing authority in that city, a state agency, or a certified qualified entity. The resident organization may cancel the assignment at any time. This option is unavailable if the organization represents less than half of the park's homeowners.