Posted by lyal on November 20, 1998 at 06:49:01:
The verbiage in my state changes to “Agreement for Delivery of Title to a Manufactured Home” but its the same principle (I have done this). Instead of acting as a lien holder and being listed on the title, you keep the title and sign it over when they fulfill their obligations under the contract. In my area, the people living there are responsible for the annual taxes (RE or personal property). Also, there is no sales tax collected here on the sale of mobiles so that’s not consideration either. I think there’s a little more security because the buyer knows they don’t get title until they pay it off. When buying, you should always try to get the title if possible but buying on a CD is ok if that’s the only way you can get it and you can have the title held by a third party.