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COMMON QUESTIONS ABOUT CONVERSION <br /> Q After conversion, if I decide to move out of the Park, can I simply sell my <br /> mobilehome to a new resident without that resident having to purchase the lot? <br /> A After conversion, the next person to occupy your space must buy your home <br /> from you and the lot from the park owner. Just as it is now, the buyer must reach <br /> agreement with you as to the price of your home. The goal is that as current <br /> residents buy their lots, or future residents move into the park, eventually the <br /> park will become 100% resident owned. <br /> Q How will conversion affect my ability to sell my home? <br /> A Because the conversion will not happen for at least ten years, the sales <br /> price of neither the lots nor the homes can be predicted at this time. Certainly <br /> that the lot will need to be purchased as well as your home could affect your <br /> ability to sell your home. The Park Owner represents, however, that after other <br /> parks have converted, there has been significant interest by persons wishing to <br /> purchase the lots and the homes because of those persons' interest in owning <br /> the land and because prospective purchasers will have better financing options. <br /> Currently, unless someone has all cash to purchase your home, it is sometimes <br /> difficult for persons to obtain financing just for the purchase of a mobilehome. <br /> That is because a mobilehome is considered personal property, not real property, <br /> and the rates and terms for such loans are often less attractive than loans for real <br /> estate. After conversion the home and lot combination is considered real <br /> property and the financing options are often more favorable, with rates and terms <br /> quite similar to stick built homes. <br /> Q After conversion, how will I know that I can get a fair price for my <br /> mobilehome? <br /> A Just like today, the price that a prospective resident will be willing to pay will <br /> depend on a number of factors, primarily the age and condition of the <br /> mobilehome. Because that new resident may be financing both the land and <br /> (potentially) your mobilehome, that also may factor favorably in determining how <br /> much you receive for your mobilehome. The ability to own the mobilehome <br /> without additionally paying space rent may also attract purchasers to the park <br /> and your home. <br /> Q If I choose to buy my lot, what will I be buying? <br /> A By reason of the park's conversion to resident ownership, every resident will <br /> have the option to acquire an ownership interest in the Park. Each ownership <br /> interest would include a lot, which is comprised of the ground (approximately 18 <br /> inches deep) and the airspace directly over the current rental space, and a <br /> 11208 interest in the Park's common area (clubhouse, greenbelts, utilities, etc.). <br /> 1 <br />