Posted by Michael Morrongiello on June 10, 2007 at 11:09:20:
Not sure where exactly these properties are located? (in some states a warranty deed is used, others a grant deed, etc.) - but generally speaking YES you need to;
Have LEGAL TITLE to the property transferred to you via the appropriate deed subject to the purchasers rights under the Land contract (which I assume was recorded)
You also need to have an ASSIGMENT of the Land Contract to you take place.
As for Title insurance insuring the conveyance of the LEGAL TITLE to you- I would GET IT. Last thing you need down the road is to be put in a position of being asked to deliver marketable legal title to the purchasers under the Land Contract only to find out that you may not have MARKETABLE title.
As for the mobile homes- At one time there WERE TITLES. Oftentimes the mobile homes are converted into “Real property” for taxing purposes and the titles are destroyed. When this happens some sort of affidavits of affixture or other paperwork is filed. Again best to confirm this throught the title company you choose that will also be insuring title.
TIP: In some states is possible to combine these (2) two elements of what you need to do into (1) one document sometimes called; “Deed & Sellers Assignment of Real Estate Contract”
eg. We are currently purchasing a recorded Real Estate contract in the State of Washington. We are having the
the owners of the RE Contract execute a “Deed and Sellers Assignment of Real Estate Contract” to us which will be recorded which is recognized to transfer BOTH the legal title of the Real Estate to us as well as the interests the owners of the Real Estate contract have to us all within this one (1) document which will be executed and recorded.
Best to your success;
Author of the Unity of Real Estate & “Paper” study course