closing deal - Posted by kelly

Posted by Tim on November 01, 2003 at 06:46:09:

Is the home in a park or on private land?
Most mobiles are titled like vehicles rather then deeded like SFH’s
You can write up a purchase agreement. All the paperwork you need is in Deals on wheels by lonnie scruggs. I am assuming you don’t have this yet. I would order it.
Anyway, the individual would have a title and could remain on as a leinholder if they desire. You would have to make some calls to find out where this takes place, in my state (IL) you go the secretary of state (where you get plates for cars) and they handle it. As far as the payment agreement try to get a sample from someone who does car loans(if you cannot get the book quick enough) make sure you include payments, late fees, grace periods, the fact you can sale/rent without penalty etc. Basically CYA with EVERYTHING you agree to.

If the mobile has been set up on a foundation on private land (not a park) it may be “deeded” then it would a contract for deed.

It might be worth your time to call an attorney, especcially if you are not familiar with legal agreements. They might be able to help you save headaches down the road for a reasonable fee. But order the book…all the forms are there and you can modify them to suit your deal.

closing deal - Posted by kelly

Posted by kelly on November 01, 2003 at 24:15:44:

I know that this is a stupid question but I’m new and have just “jumped in” to this.

A woman agrees to sell me a MH for 2k down and 40 payments of 156.34 a month. Now what???
Do I bring her a document with the terms written down and we both sign it? Are there any places on line that I can look at or copy these kind of documents (I live in tx)
Do I record anything? (I assume “record” is when you take something down to the courthouse and hopefully someone there can tell me what to do at that point) Does she then give me deed and I record it? If not, what do I record and where do I get it?

I have a buyer who will pay me more down and monthly than it’s going to cost (I have no money to put in the deal) and she knows she’ll get her down payment after I get mine from seller.

I know from reading this site that this will be a pretty silly question for most since the posts assume you know the specifics (documents, if you record, then how to do it, etc.)

Anyway, any help I can get would be greatly appreciated. I was told that the hardest part was working the deal. The paperwork etc. is easy. I hope that’s right!!!



PS I know I can consult an attorney I just can’t pay for it right now.