Posted by Karl (OH) on January 09, 2001 at 07:20:23:
Randolf,
I’m not sure what the requirements are to convert them to real property. Ask this question as a new post, it appears that when you respond to an archived post, it doesn’t show up on the new board. Someone will have the exact answer for you, I’m sure.
Karl Kleiner
Ohio Mobile Home Titles - Posted by Fred - Middletown, Ohio
Posted by Fred - Middletown, Ohio on August 27, 2000 at 20:34:58:
I am just starting my education in doing mobile home deals and I have a couple of question for the Ohio folks.
Is a mobile home title handled in the same manner as a auto title?
When you self finance a deal to a buyer I assume you hold the title and give the buyer something that indicates that he will get the title when payments are completed. Is this the way it’s done or is there another method?
Looking forward to hearing from Karl, John and Mark.
Fred
Re: Ohio Mobile Home Titles - Posted by Mark OH
Posted by Mark OH on August 28, 2000 at 09:22:27:
Hi Fred,
Karl really did a good job answering your question.
In case you are worried about the size of the taxes/fees, don’t be. They are not that high.
As Karl mentioned, unlike cars, they don’t collect sales tax any more for MHs. It has been replaced by an annual tax. The annual tax (paid to the Treasurer) for the homes I have looked at has been around $150. (Billed semi-annually around Feb and Aug). The full year must be paid to transfer the title. This should be paid by the seller (unless you strike some other agreement).
In Butler County the Auditor’s Fee is $1 for every $1000 in sale price. So for a $5000 sale their fee is $5.
The Clerk has a few fees, Title fee,Arhive fee, Affadavit fee, and maybe something else, the total is around $15.
You can have your buyer pay these fees. And I believe Lonnie even suggests a “Processing Fee” for yourself if you so desire.
Good luck.
Mark
Re: Ohio Mobile Home Titles - Posted by Karl (OH)
Posted by Karl (OH) on August 28, 2000 at 24:20:31:
Hi Fred,
In Ohio mobile home titles are administered by the BMV like auto titles. To transfer a title, you need a tax stamp from the county tax office verifying all taxes have been paid, and an auditor?s conveyance stamp from the county auditor verifying payment of the conveyance fee. Then to the title bureau for a new title. There is no sales tax on mobile homes as of the beginning of this year. Scroll down to some previous July 12 posts, there?s some discussion about Ohio dealer license requirements. Basically, don?t worry about a dealer license.
John Hyre and Bob McNeely helped teach me this business, so I think we?re all doing this about the same way. Here?s how I handle the title when I sell and hold the note. When I sit down with the buyer to sign the promissory note, I also have the buyer sign two power of attorneys. One allows me to put the title in the buyer?s name, and the second allows me to put it back in my name in case of default on the loan. The home is titled in the buyer?s name with the POA, with me as the first lienholder. To record the lien at the title office, present them with a copy of the promissory note. In my county, the promissory note must be notarized for the county to record the lien. Not so for every county in Ohio. I keep the original title, and give my buyer the white memorandum copy for their records. When the loan is paid off, you release the lien and give the title to the owner. Just like a bank does a car loan.
Have you read Deals on Wheels? This is the bible for getting started in this business. You can order it on this website for $30. If you have anymore questions, feel free to email me at kleiner@fuse.net.
Karl Kleiner
Re: Ohio Mobile Home Titles - Posted by Randolph Croson
Posted by Randolph Croson on January 09, 2001 at 06:31:08:
can mobile homes be titled the same as brick and mortor homes