Posted by Steve-WA on February 29, 2008 at 11:02:15:
usually, the buyer’s name goes on title to satisfy the park that they are true owner-occupants. Since this park doesn’t seem to care about that, then I would agree with the PM.
It’s really no big deal - just make sure that if there are annual property taxes, and you get the bill, that the buyer swill be responsible to pay you so that you can pay the taxes. Perhaps divide taxes by 12 and add that amount to the payment - hold it back (“escrow it”) so that you can pay the tax bill when you get it.
In WA, one can put the buyer down as registered owner with the county so that they are the taxpayer, but with the state titling agency it is a different registration, so this could be done such that the county bills the buyer/owner for annual property taxes, but the title need not show their name. When paid off, you can transfer it to them.
BIG BUT ADVANCE WARNING!!!
But, if there is trouble in the case of eviction, they have an equity interest, and if they want to pursue that, you would have to explain to a judge why you did not put them on title. There is a “Contract for Title” form that can be used to justify what the PM is describing. Should keep you out of hot water if there is ever a problem.
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