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Moreover, any person, whether a current resident or a prospective purchaser, <br /> who chooses to purchase a lot will benefit from the advantages of home <br /> ownership including building equity, the property appreciating in value, tax <br /> benefits (Le., property tax and interest deductions), and estate planning (e.g., the <br /> property can be left to heirs). <br /> Q Why will my property description only include 18 inches in depth? <br /> A Because most mobilehome parks were built with utility lines running under <br /> the lots (2 -3 feet deep), conversions of parks are done much the same as <br /> condominiums, so that the utility lines would remain as part of the "common area" <br /> to be owned and controlled by the Home Owners Association (HOA). This <br /> eliminates any easement issues or personal responsibility for utility repairs by the <br /> individual lot owners. As a lot owner you would own an interest in the ground <br /> beneath your unit, but would not directly own or be responsible for the utility <br /> lines. <br /> Q Will get a grant deed to the land? <br /> A The property will be transferred to you by a grant deed and insured by a <br /> policy of title insurance. <br /> Q Who will own the common area? <br /> A Purchasers will each own a pro rata interest (here, a 1/208 in the common <br /> areas. All of the Park, including the common areas and utilities, will be <br /> controlled by the lot owners through the HOA. The current Park owner will have <br /> no ownership in the common areas except for the percentage representing the <br /> lots he still owns. <br /> Q What are taxes going to be on my lot? <br /> A The taxes will be based on the sale price of the lot. For example, if the lot <br /> and the mobilehome were sold for $200,000, the real property taxes (in round <br /> numbers) would be $2000 /year. Real property taxes generally increase 2% <br /> annually. A purchaser who itemizes deductions on his /her income tax forms <br /> would be able to itemize those taxes, as well any interest payments if the <br /> purchaser financed the acquisition of the lot/mobilehome. <br /> Q Who will manage the park after conversion? <br /> A After conversion, the park will be managed for a temporary period by the <br /> current management until that contract ends. Once the contract ends, park <br /> management would then be selected by the HOA. The HOA would control all <br /> common area park facilities and enforce the bylaws and Covenants, Conditions <br /> and Restrictions (CC &R'S) for the Park. <br /> 2 <br />