Transfering Title

[J Scott]

I just purchased my first MH (bank owned) and am in the process of selling it with owner financing...

I assume that when the bank sends me the title, I will register it and pay the transfer fee (I don't yet have a dealer's license).

My question is, when I sell the home, what do I do with the physical title?

Do I keep it (and in my name) until the note is paid off?

Or do I sign it over to the new buyers with myself listed as a lien holder, and then physically hand it to them so they can register the home themselves.

Or something else?

Thanks in advance for any info!

[Jim Johnson]

You need a promissory note and a security agreement. The security agreement gets filed with the title. The title is held by you until the home is paid off. If they do not pay, you will use 'repliven' to regain the home. Replivin is a fancy legal name for you will 'repo' it...