Purchasing a park- question about deposits on RTO contracts

[Shweta Patel]

Hi guys,

I am looking into my next park deal. The current owner is transitioning the POH's into RTO's and has 4 already in place. My question is- wouldnt the deposit's currently held by the owner on these contracts transfer over to the new owner upon sale of the park ( assuming all homes are being transferred)?

TIA

[Rachel H.]

@Shweta Patel If the homes are being transferred upon the sale and the deposits on the contracts are refundable (check the current contracts), then yes the deposits should transfer over to the new owner. Bring this up with your title company and the seller before you close. Hope that helps!