Lease assumption

Lease assumption is when the buyer of a manufactured home takes over the remainder of the seller's existing lot rental agreement, stepping into the same terms for the rest of the lease term. It commonly comes up when a home is sold "in place" — the buyer keeps it on the same lot.

In states with a manufactured-housing statute, a buyer who intends to live in the community often has a right to assume the remainder of the seller's lease term. That right usually comes with conditions: the buyer typically must still be approved by the community as a resident, and certain lease features — the special terms of a lifetime lease or the renewal provisions of an automatically renewable lease — may not be assumable unless the agreement says so or the buyer is the homeowner's spouse.

Lease assumption is about the lot tenancy. Transferring ownership of the home itself is a separate step involving the home's certificate of title or deed.

The specifics depend on state law and the agreement. This is general information, not legal advice.