Posted by Max-Va on June 13, 2006 at 09:07:31:
Alot of this depends on state law and how the home is titled.
A simple bill of sale for the mobile and a lease agreement for the land maybe all you need. If he is still making payments, you may want to get a note signed and be put on title as lienholder as title will be in his name.
Can a person own his mobile home on my property? - Posted by Sue Medisch
Posted by Sue Medisch on June 13, 2006 at 08:23:19:
The mobile home is in my name, my brother is paying me for it. It is on my property. Can he have the mobile home put in his name. If so, what kind of form do I use for this?
Just like selling a car - Posted by John Merchant
Posted by John Merchant on June 13, 2006 at 10:53:30:
Titles to MHs are handled identically to cars.
There will be an office at your courthouse where car titles & MH titles are transferred, hundreds of times per day.
And although the MH is on your land, it is owned already by somebody who has title registered in your state…and that person is the only one who can sell that MH.
By the way, lots of us think this is the best of all investment & rental worlds…your owning and renting the land, but NOT owning the MH, so you don’t have to fix it, keep its plumbing in order, etc.
As Lonnie says in his books, anytime you can buy such a lot, cheap and then rent it to a MH owner, you’re doing the best possible kind of rental.