One of the most important concepts to understand before buying a Sausalito floating home is the slip lease. In many — though not all — floating home transactions, what you're buying is the home itself, while the right to keep that home in its current location is governed by a separate lease agreement between you and the marina. That lease is the slip lease, and its terms are as important as the price of the home itself.
The Basics: What You Own vs. What You Lease
When you buy most Sausalito floating homes, you're taking title to personal property — the floating home itself — rather than real property. The slip (the specific water berth in which the home is moored) is owned or controlled by the marina and is leased to the occupant under a slip lease agreement — there is no dock association or HOA involved.
This distinction matters enormously. The slip gives your home its location, its views, its utility connections, and its dock community. A beautiful floating home in a poor slip location — one that is overcrowded, poorly maintained, or governed by an unstable lease — is a significantly worse asset than the same home in a premium slip at a well-managed dock. Evaluating the slip lease is not optional due diligence; it's central to understanding what you're actually buying.
How Slip Leases Transfer
When a floating home is sold, the slip lease must be transferred from the seller to the buyer. The specific transfer process varies by dock. Some docks have straightforward assignment provisions that allow the lease to transfer automatically upon sale, subject to the buyer meeting basic requirements (good financial standing, marina approval). Others require the marina to approve the new occupant before the transfer is complete.
The transfer process is a place where deals can get complicated. If the marina has reason to reject a buyer — which is unusual but not unknown — the transaction may need to be restructured. Paul and Roman have navigated this process across multiple docks and know the transfer requirements at each of Sausalito's major floating home communities.
Key Lease Terms to Review
Not all slip leases are equal. Before you close on any floating home transaction, your agent should review the full slip lease document with attention to:
- Term and renewal — Sausalito slip leases run on a standard 10-year term. Know what the renewal process looks like and when the current term is up.
- Rent escalation — how are slip fees adjusted over time, and what is the cap on increases? Increases are subject to law.
- Subletting provisions — can the slip and home be rented to a third party, and under what conditions?
- Termination clauses — under what conditions can the dock terminate your lease, and what notice is required?
- Capital assessment exposure — are you responsible for a share of dock infrastructure repairs through special assessments?
Paul and Roman review slip leases in detail as part of every transaction they represent.