Posted by soapymac on April 25, 2000 at 11:00:40:
because maybe Louisiana law is a little bit different. I would make a marketing suggestion to you, if the law allows it. There are a couple of statements in your posting that would be cleared up by a slight change in your marketing.
“I’m not about to start handling over titles.” My suggestion would be that you should hand over the title. If you have that “Act of Immobiloization” available to you, use that as a selling point! In the process of the sale, state your selling price — and make sure your down payment goes in your pocket.
Tell the new “owners” that the total required money is your down payment plus any taxes and registration fees AND TITLE FEES. Now when the sale is concluded, you get a new title for the MH in THEIR name with you as the secured leinholder. Tell the new owners that you will hold the title in a secure place until the loan is satisfied. (Once you have the title in their name, give them a copy of it for their “feelgood security.”
In the process of the “paperwork,” have them sign a quitclaim deed back to you. What will this accomplish?
It shows they are the owners (which releases you from a tremendous amount of liability!) You are listed as the secured leinholder (which protects your economic interests.) If they “disappear” without paying, you have the signed quitclaim deed vesting ownership in the MH back to you. When you resell the MH to the next couple, you make the change in ownership to the new couple at the same time as you clear the title.
My .02, anyway.