y. 1. No manufactured home park owner or operator shall offer or
execute a rent-to-own contract unless the manufactured park owner or
operator possesses documentation of ownership of the manufactured home,
including a certificate of title to the home, if the home is a
manufactured home subject to being titled pursuant to article forty-six
of the vehicle and traffic law, or for mobile homes not subject to being
titled pursuant to such law, such other documentation, which may include
a bill of sale, or deed, sufficient to establish ownership.
2. Every rent-to-own contract shall be in writing and clearly state
all terms, including but not limited to: a description of the home to be
leased, including the name of the manufacturer, the serial number and
the year of manufacture; the site number upon which the home is located
in the manufactured home park; an itemized statement of any payments to
be made during the term of the contract, including the initial lot rent,
the rental amount for the home, and the amount of the rent-to-own
payments; the term of the agreement; the number of payments, itemized,
required to be made over the term of the agreement; any lien or security
interest encumbering the manufactured or mobile home, if applicable; and
the amount of any additional fees to be paid during the term. A
rent-to-own contract shall not require a manufactured home tenant to pay
any additional fees for transfer of ownership at the end of the lease
period. A rent-to-own contract shall provide that where the rent-to-own
tenant pays all rent-to-own payments and other fees established in the
contract during the lease term, title transferred at the end of the
lease term shall be free of superior interests, liens or encumbrances.