MHCO Article Topics
Answer. Oregon law requires that unless exempted, an individual must use a "mortgage loan originator" ("MLO") [e.g. mortgage bankers or mortgage brokers] license if he/she:
- Takes a residential mortgage loan application; or
- Negotiates the terms or conditions of a residential mortgage loan.
Answer: I cannot find any law precisely on point, so will have to "reason by analogy." For purposes of answering the question, I will assume that the payor and the payee both have an Oregon manufactured structures dealer's ("MSD") license. However, that license only permits one to conduct business from a single location.
Answer: Since the tenant does not own the home, the answer is found on the general landlord-tenant side of ORS Chapter 90 (as opposed to the manufactured housing side).
Answer: This is a good – and important – question. Here are some points to always remember: 1. A resident who is renting the home is not under the manufactured housing section of Oregon’s residential landlord-tenant law (“ORLTA”) which is contained in ORS Chapter 90. This means that you do not treat non-owner residents the same way you would as if they were renting an apartment or home.
By Kris Monte - President Blackhawk Capital Group
E-mail: kmonte@bhcapitalgroup.com
The SAFE Act has received a lot of attention lately by park owners, but did you know that it's really only one law of many state and federal lending regulations you are required to comply with when selling homes on contract?
Question: We just acquired a manufactured home in our community. I would rather sell it to a new tenant, but would consider renting it out or doing a rent-to-own. If I pursue rent-to-own option, will I be subject to the new SAFE Act?
Question: A landlord recently purchased a manufactured home in his community. He wants to fix the home up and then resell it. Does the landlord have to be a licensed plumber or electrician to do the respective work on the home?