Posted by Michael(KCMO) on April 23, 2007 at 12:40:58:
"In your scenario
who would be in possession of the title to this free and clear home? "
Could be either one. Being the control freak that I am I would prefer to hold title myself. But if tenants balked at the idea I don’t guess there’s any real need to. I’m guessing the preference over one way or another would vary from state to state according to state laws.
"What would you say to them."
Don’t need to say anything. Just have the DMV mail it to your office. Put it in their file. If they ask for it later . . . “Company policy requires us to hold the title in your file. This will ensure it doesn’t get lost and is always readily available when you sell.” This would also allow you to control the transaction and make sure you were brought current out of sale proceeds. Really, you could act as an escrow-type closing agent for the whole deal. That’s getting complicated, and I don’t know that I’d actually do it, but I’m just saying.
“Would this security interest have a dollar amount as Steve is
That may vary by state as well (I dont know) but in MO there is no dollar amount recorded with the lien. Just a name and address as lienholder on front of title. Nowhere on the DMV paperwork does it ask for or show an amount.
"Has any park owners been doing this? "
That’s my question too. What do you park owners think? Pros? Cons?