Buying or selling a mobile home in Colorado? Are you a tenant of a Mobile Home park that is being sold or purchased? If so, read this blog to understand the revisions to the Colorado’s Mobile Home Act and how it may impact you.

When do I, as a seller of a Mobile Home park, have to notify the tenants of a park change or park sale?

If you, as the mobile home park owner, intend to change the use of the land or to sell the park, you must give an extended amount of notice to the tenants of the intent to change the use of the land.

If you are a mobile home park owner, it is important to understand the requirements of giving the tenants of the park notice of the change of ownership or sale of the park. If you are looking to sell immediately, it is recommended to contact an attorney or law office, as there are certain requirements regarding notice of sale. There are timeline requirements including the park owner must give the tenants a 12 month notice regarding the change of use of the land compromising the park and also a 14 day notice triggering the event to sell the land. The notice must also include a description of the property, price, terms, and conditions of the offer.

What rights do I have as a tenant with the purchase of the mobile home park?

Are you a tenant that received a notice of the sale of your mobile home park? If so, consult with an attorney or law office, like GLO. As a tenant, you have a 90-day opportunity to purchase the mobile home park. If you are unable to afford it on your own, there are other alternatives including gathering a group of tenants together to purchase the mobile home park. Getting a group may be complicated because the statute has certain requirements and restrictions. At least 51% of the tenants must have given the approval of a proposed offered. This may be a complex issue of creating a purchase and sale agreement with the amount of tenants involved. It is recommended to hire an attorney to draft a purchase and sale agreement.

What exemptions are there from the notice requirements in Colorado’s Mobile Home Park Act?

As a park owner, you are not required to give notice or extend an opportunity to purchase to a group of tenants if the sale or transfer of the park is to the owners family/spouse, a trust with the spouse/family listed as beneficiaries, or a business that is in control of such trust.

If you are a tenant, it is vital to work with other tenants. If 50% of the tenants express no interest of the purchasing of the park, it makes it complicated and difficult for the other 50% to still be able to purchase the park.

It is important to note that any new event regarding the purchase or sell of the park triggers a new notice requirement. New events may include but are not limited to the intent to change use, intent to sell, listing for sale, sale agreement, or foreclosure.

With the variety of exceptions, requirements, and multitude of parties involved with the sale of a mobile home park, it is important to consult an attorney to assist with the process due to the complexity of the sale.

If you need help purchasing, selling, or organizing other tenant to purchase the mobile home park, or have any questions about the process in Colorado, fill out an interest form today to see if GLO can help you.

GLO has prepared this blog to provide general information on legal issues that may be of interest. This blog does not provide legal advice for any specific situation and this does not create an attorney-client relationship between any reader and GLO or its attorneys. GLO engages clients only through specific fee arrangements and signed engagement letters. GLO does not guarantee any results.