Steps to complete MH Purchase on Leased land
I did a search but didn't find what I was looking for. I hope that this thread will turn in to a good amount of information that other people looking to purchase a mobile home on leased land can learn from.
I just bought a mobile home on real property but this is a different monster.
This is where I'm at on the deal so far:
- Verbal offer accepted over phone, met with seller
- Inspected mobile
- Locked it up for two weeks with a contract and $100 deposit.
Everything beyond that is uncharted waters for me (at the moment). After that...
- Meet with park manager tomorrow.
- Find out if there are any leins on the home, check if lot rent is current, can the mobile home stay, and what are their qualifications for approval. Any other questions I should ask the manager?
My questions are:
Do I have the seller go down to the DMV with me for the title transfer or do they do it, or do I get a power of attorney from them and go myself?
What if the registration on the mobile is expired? (expired 12-09) Does that have to be current before the DMV will transfer title?
When I have my BUYER, I write up our contract and mobile home note, take their deposit then tell them I will have the title transferred in their name in 30 days or less?
Do I need power of attorney from them to do the transfer?
What fees should I expect at the DMV?
Do I call the DMV and schedule a 'closing' time?
Am I forgetting anything?
These are all questions on my mind right now so I figured they are probably on a lot of other peoples mind who are just getting in to the business so I wanted to post them out in the open so others may benefit from the advice given.