Posted by Tony Ferrullo on May 24, 2005 at 15:40:01:
Nate,
Another reason you need to keep the title is if you’re going to try to sell your note. The note buyer will probably want the title as security when he purchases your note.
Almost no one will object to your keeping the title since the banks keep the title on their car loans until the car loan is paid off…so your buyers are used to that.
Tony
title on lonnie deals - Posted by Nate Andree
Posted by Nate Andree on May 18, 2005 at 20:58:20:
Hello all,
I have those two first deals that I posted last week and have a question about titles. Do I get the title from the seller and turn that into the DMV so the home is registered in my name? Then when I sell that home to my buyer do they turn in the title to the DMV with me as the first lien holder, much like a car loan? Otherwise if I don’t do this then I would be skipping title correct? Any help would be appreciated.
Nate
Re: title on lonnie deals - Posted by Rich(WI)
Posted by Rich(WI) on May 19, 2005 at 18:42:59:
Nate email me at wrightr@mwtdotnet. Replace the dot with .
Rich
Re: title on lonnie deals - Posted by Karl (Oh)
Posted by Karl (Oh) on May 19, 2005 at 12:10:28:
Nate,
That’s how I do it. I put the title in my company name, so my company is the seller. Then I’m doing true “owner financing”. Also, if there are any unforseen problems with the title, I’ll know about it before I sell the home.
A question for you. Based on your previous post, it sounds like the homes are already sold to your buyers. Did I read your above post correctly that you don’t have the titles yet from the folks who sold you the homes? I would suggest having the title in your name before striking a deal with a buyer. You would hate to have someone move into a home, then find out that you can’t deliver a title.
Karl Kleiner
here it comes . . . - Posted by Steve-WA
Posted by Steve-WA on May 18, 2005 at 22:29:41:
I want to say yes, but only YOUR DMV can answer for sure.
ask them, not me.
Re: title on lonnie deals - Posted by Nate
Posted by Nate on May 19, 2005 at 17:43:44:
Karl,
Thanks for the reply. I do have both the titles from the sellers who I purchased the homes from. I was leaning on getting them both in my name and then “giving” them the title with me on the back of the title in the first position. Make sense or not? Your thoughts are welcomed,
Nate
keep the title - Posted by Anne_ND
Posted by Anne_ND on May 22, 2005 at 07:29:07:
Nate-
I strongly suggest you do not give the actual title to the buyer.
One park I work in requires the title be in the owner (i.e. occupant)'s name, so I have my buyer sign the title (the one that says my LLC is the owner), and I send it in with my LLC as first lienholder.
In a few weeks or months the actual title comes back to ME, showing the buyer as owner, and my LLC as lienholder. I send a copy of the title to the buyer and a copy to the PM. If the buyers leaves town, I can get the title transferred back to my company name pretty easily (this varies with locality- be sure you know how to do this where you live).
Never give the actual title to the buyer until they’ve paid you off in full.
Anne