Any savvy real estate investor will tell you that reviewing the state of title, and determining which title risks are acceptable, is a critical step in diligencing a manufactured housing park (MHP) opportunity. Like flossing, it requires some discipline upfront, but the payoff in the dentist chair (and, frankly, beyond) is always worth it. Here are five common title issues affecting MHPs, as well as practical approaches to reviewing title evidence.
Common Title Issues
Few real estate transactions close without a title insurance policy. And, in many cases, the purchaser is unwilling to close without the insurer’s agreement to provide coverage for a title problem that otherwise would cause the deal to collapse. Although every deal presents its own flavor of issues and challenges, a prospective buyer of a MHP probably will encounter one or more of the following issues. It’s important to know how to nip them in the bud upfront.
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