Failure to Transfer Title within 30 days and the penalties

[Terry Drake]

I live in Florida and was wondering why kind of penalties I'm facing. I date on my purchase agreement (when I bought the home from the sellers) is dated 4-22-10. I didn't transfer title to my name to avoid paying the transfer fees and a year of registration.

I'm going tomorrow to transfer title to the new buyer and I'm wondering since I'm past past the 30 day window what type of penalty I should expect to pay. Any ideas? I was thinking about changing the 'date of possession' on the purchase agreement but I'm not sure and don't want to make a small problem bigger by fudging numbers.

Does anybody know?

[Marc Faulkner]

Kirk-If you are a licensed dealer in Michigan you will never put titles into your name. Yes you have the sellers sign and leave the rest blank. Then when you find a buyer you assign the title over to them using the form available of the Secretary of State's web site. If you are not a dealer then you are supposed to put the title into your name paying 6% sales tax on top of your purchase price and a 90 dollar title transfer fee to the state. I am in Michigan and handle titles every day. If your plan is to buy and sell mobile homes for a profit the state may come down on you if you are not licensed to sell mobile homes. As a dealer you do not have to pay tax when you buy homes and get to pass on the tax liability to your buyers.