Contracts to Use to Sell Mobile Homes on Leased Land
I was just asked which contract to use to sell a mobile home that is on leased land. You can use a purchase and sale agreement, but I really like to use basically a modified contract for deed.
It is a great document that talks about the terms of sale and what is being sold as well as the terms of repayment for the loan when I am offering seller financing.
I never offer the buyer title until they pay the loan off in full. My leverage is the title. Keep in mind, a mobile home on leased land is personal property, it is not real property. So it is like a car, it has title only. When you get a loan on a vehicle, you don't get the title until you pay the loan off in full. The same principle applies to mobile homes on leased land.
My Contract for Deed aka installment Mortgage is a compbination purchase and sale agreeemnt, promissory note, and security instrument all in one.
In some parks, I need to modify my contract to satisfy their needs, but in most cases, I can use the one I have on most transactions. If you decide to go this route, you might consider sitting down with an attorney in your area who specializes in personal property and evictions. I have a great attorney who drew up a bullet proof document for my business. It was worth the money I paid him, because it has expedited the process ten fold.
Happy Hunting!!!
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I was just asked which contract to use to sell a mobile home that is on leased land. You can use a purchase and sale agreement, but I really like to use basically a modified contract for deed.
It is a great document that talks about the terms of sale and what is being sold as well as the terms of repayment for the loan when I am offering seller financing.
I never offer the buyer title until they pay the loan off in full. My leverage is the title. Keep in mind, a mobile home on leased land is personal property, it is not real property. So it is like a car, it has title only. When you get a loan on a vehicle, you don't get the title until you pay the loan off in full. The same principle applies to mobile homes on leased land.
My Contract for Deed aka installment Mortgage is a compbination purchase and sale agreeemnt, promissory note, and security instrument all in one.
In some parks, I need to modify my contract to satisfy their needs, but in most cases, I can use the one I have on most transactions. If you decide to go this route, you might consider sitting down with an attorney in your area who specializes in personal property and evictions. I have a great attorney who drew up a bullet proof document for my business. It was worth the money I paid him, because it has expedited the process ten fold.
Happy Hunting!!!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125