What Documentation Is Needed For A Seller-financed Mobile Home Sale?
I am trying to help a friend sell a mobile home and am unsure of what paperwork/documents I need to draft. The seller is financing the sale over 15 years. Do I create a bill of sale now and if so, does that transfer title immediately to the buyer? the seller wants to "own" the mobile home and keep title in their name until the buyers pay the purchase price in 15 years. Is this possible?
Thank! Karin
kas52,
Glad to meet you.
He would sell with a Promissory Note collateralized by the mobile and on the title to the Mobile Home your friends name would show as lien holder.
The buyers name would show as the Registered Owner.
This way your friend would still have control of the mobile. If the note is not paid then he repossesses the mobile, which is a fairly fast process.
This is the normal way it is done and everyone will be protected.
John $Cash$ Locke
Selling MH should be just like selling a car, in every state I know, because, like a car, it's just personal property.
And, like a car, the seller remains on title, as the LEGAL owner, and the buyer is the REGISTERED owner until it's paid for and he gets full title.
Your state auto licensing agency is likely the same one for MHs, so they'll have the necessary forms.
As for the P&S contract forms, I like Lonnie Scruggs' material, which you'll find on this site, and I recommend you buy it, including his CD for the forms, and you'll be in business the right way.
John,
Wrong board Lonnie's material is not here, I think JP has him wrapped up.
However, I have heard good things about his material. I would think a Google search would find him.
John $Cash$ Locke
John,
I guess we owe everyone an apology, they went from trailers to mobile homes and now they are called manufactured housing.
I found this out after doing a search for Lonnie. Actually in Nevada they are under the juristiction of the Department of Manufactured Housing and not the Department of Motor Vehicles.
John $Cash$ Locke
Thank you so much for your help! I really appreciate it.
John L, thanks for heads-up and new nomenclature.
I had heard that, but this is first hard reference since first rumor.
Still "deals on wheels" though, huh?
John M
John,
Yes still "deals on wheels" beats "wobblies for less".
They really have made the change wow, what's next Manufactued Mobile Mansions?
John $Cash$ Locke[ Edited by JohnLocke on Date 06/24/2004 ]