How does land-lease ownership work?
Land-lease ownership splits the property in two: the home owner owns the home and the park owner owns the land. The home owner signs a lot rental agreement with the park, pays monthly lot rent of $650 to $1,200 a month in local parks, and keeps the home on the lot for as long as the agreement runs.
| Part | Owned or rented | Paid how |
|---|---|---|
| The mobile home | Owned by you | Home price, once |
| The lot | Rented from the park | Lot rent, monthly |
| Shared areas and amenities | Owned by the park | Inside the lot rent |
| Home title | In your name | Transferred at closing |
How is a land-lease park different from a co-op or resident-owned park?
In a land-lease park, one park owner owns the land and rents lots to home owners. In a co-op or resident-owned park, the residents own the land together through a corporation and pay fees set by that corporation. Welcome Home Mobile Homes sells land-lease homes only; co-ops and resident-owned parks are not sold.
Which Florida law covers land-lease parks?
Chapter 723 of the Florida Statutes, the Florida Mobile Home Act, covers lot rentals in Florida mobile home parks. It requires a prospectus in parks with 26 or more lots, 90 days' written notice before a lot rent increase or a rule change, and sets how residents can meet the park owner about increases.
How is a land-lease mobile home taxed?
A mobile home on a rented lot is not real property in Florida. The owner buys an annual mobile home decal from the county tax collector, which expires on 31 December, instead of receiving a real estate tax bill. The land's property tax is the park owner's.
What happens when you sell a land-lease home?
A land-lease home is sold without land: the buyer buys the home and signs a new lot rental agreement with the same park. The park approves the buyer first, checking background, credit, verified income and past evictions. Owners can sell your mobile home through Welcome Home Mobile Homes.
Who buys land-lease mobile homes?
Land-lease mobile homes suit buyers who want a home for $50,000 to $100,000 without a mortgage, with lawn care and other services covered by lot rent. In Tampa Bay that includes retirees choosing 55+ parks and families choosing all-age parks.
Land-lease homes for sale today are listed on mobile homes for sale in Clearwater, and the land lease communities on the company list are grouped by city.
