Posted by Marty (MO) on April 24, 2007 at 11:51:32:
selling land home deal not working out… - Posted by Marty (MO)
Posted by Marty (MO) on April 24, 2007 at 09:00:04:
a friend called me yesterday. she bought a dw on a foundation a few yrs ago (financed as real estate) and is now selling. has the property under contract. the buyer’s realtor is saying they need title to the home for financing. she’s never had a title. she’s tried explaining, but…
the home’s in Illinois. if the title was retired (which is what I assumed happened) before my friend bought the home, would it be noted in the deed? how would she be able to address this issue?
Hopefully, someone can help me out and make me look like an expert to my friend!
Re: title company… - Posted by will(wa)
Posted by will(wa) on April 24, 2007 at 13:36:15:
If your friend got a title insurance policy when they bought it, wouldn’t that show something about the title of the MH being retired?
Maybe a call to the title company involved when your frined bought it would come up with something?
just thinking out loud…
Re: selling land home deal not working out… - Posted by Tony Colella
Posted by Tony Colella on April 24, 2007 at 09:23:02:
Have her or the closing agent check the court filings and deed. I do not know for certain how each state retires personal property and attaches it to real property but one or both should be on file: The deed may make reference to the home and/or there should be an affidivate to affix the home to the property filed.
Re: title company… - Posted by Marty (MO)
Posted by Marty (MO) on April 24, 2007 at 14:11:17:
that was my first thought, too. She has calls out to the state mh bureau of whatever and I believe she’s calling the title company, also.
It’s an interesting predicament. The value of the property will dramatically decrease if the home’s classified as personal property. Once it’s cleared up, I’ll share what happened.