Posted by D.Newbie from NC on February 18, 2001 at 22:14:43:
Thanks for your help.
Newbie ? re: title transfer - Posted by D.Newbie
Posted by D.Newbie on February 18, 2001 at 16:58:51:
Hello everyone. I’m about half way through “Deals On Wheels” and I have a question about how the transfer of title works during financing. When I offer financing to a buyer, does the buyer receive the title to the mobile home when the purchase agreement is signed or do I hold the title and ownership until the final payment is made to me. When is the title signed (at the time of purchase, when the final payment is due, or some other time) and when and by whom is the title tranfer fee paid? Please excuse my ignorance: i’m still learning. Thanks a lot for your help.
Re: Newbie ? re: title transfer - Posted by Tony-VA
Posted by Tony-VA on February 18, 2001 at 22:01:26:
If in your state the Division of Motore Vehicles handles the titling of mobile homes, it works just like a car. Treat the scenario as if you were the bank.
I title the home in my buyers name with my company listed as the lienholder. As the lienholder, my company retains the title until the promissory note is paid off. When the note is paid off, I sign off on the title, confirming that the lien has been satisfied and give the title to the buyer.
Check and find out how mobile homes and liens on them are recorded in your state. Some states use U.C.C. (Uniform Commercial Code) forms and file the liens with the county and/or state.
A powerful tool for titling and filing liens in these deals is the Power of Attorney form. You can go to 10 different DMV clerks and get 10 different requirements for filing a form. By having a POA form, you can sign for the buyer if for some reason they did not sign is such a fashion that it made the clerk of the day happy.
Tony-VA