IL SB2935

Mobile home park owners must provide written notice to homeowners' association officers when offering the park for sale, including price and terms.

Homeowners' associations have 60 days from notice to purchase the park at the stated price and terms, or an additional 10 days if the price drops 20% or more.

Homeowners' associations must be incorporated as corporations or not-for-profit corporations with written consent from at least two-thirds of mobile home owners in the park.

Park owners may record an affidavit certifying compliance with statutory requirements, which protects the marketability of title and relieves title companies and attorneys from further inquiry obligations.

Right of first refusal does not apply to sales between family members, gifts, transfers between affiliates, foreclosures, portfolio transactions of multiple properties, governmental takings, or exchanges for other real property.