Ep. 142 | Understanding the Importance of Seller Deliverable Requirements

It’s always critical to your deal the level of due diligence you can apply before purchasing a property. In this episode of the MHP Lawyer Podcast, Ferd Niemann shares his own due diligence list specific to mobile home parks and highlights the importance behind each one of them to how they can be leveraged strategically to manipulate the contract and timing associated with your offer.

The devil is in the details and the victory is in the details of the contract. Tune into this episode to use the ultimate seller deliverable list that will change the way you write your contract and change the outcome of the offers that you write.

 

Highlights of the episode:

 

00:47 - The importance of a seller due diligence list

03:20 - Copies of existing surveys 

04:12 - Third-party reports

06:01 - Copies of the permits

06:25 - Copies of leases

06:39 - Private utilities and insurance policies

07:06 - Right of first refusal

07:13 - When to get copies of property tax bills

08:15 - Letters of non-compliance

08:46 - Copies of utility bills

08:56 - Copies of vendor contracts

09:50 - List of the 5 best and worst aspects of the property

10:21 - P&Ls

10:45 - Tax returns

11:15 - Capital expenditures

11:29 - Age, type, and material of the structure 

12:24 - List of infrastructures and refurbishing issues

13:08 - Personal property included in the sale

14:29 - Criminal activity and problem tenants

14:52 - Copies of title

15:21 - Copy of any title policy or insurance

 

Notable Quotes 

“The part of this due diligence list, for purposes of due diligence, is also kind of a way to extend your inspection period and your closing period.” - Ferd Niemann

“It’s crucial to understand property taxes. It’s one of the most important variables in the operating expenses that I see brokers lying about all the time, and I see buyers and sellers not understanding all the time. ” - Ferd Niemann

“The devil’s in the details, but sometimes the victories are in the details of contracts.”  - Ferd Niemann

 

Connecting with MHP Law:

Website: https://themobilehomelawyer.com/

Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069

LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/

Instagram: https://www.instagram.com/themhplawyer

 

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