So, I purchased a MH in my park 2 weeks ago from a lady that couldn't afford to live there anymore. I sold the home today (park financing), so I have a couple title questions.
Do I transfer the title to them now? If it stays in my name I will be paying the taxes every year.
If so, how do I show on the title that there is still a lien on the home because they are financing the purchase through me?
Also, can I title it to them with the title I currently have that still has prior owner on the title and not our MHP? Or do I need to get the new title in our name first, then transfer it to them?
don’t transfer the title to her name until the home is paid off (aka until she pays your the full balance of the home to you).
@Robert Naucke Jr It depends on your comfort level. Investors do both ways. Check with your local housing office in charge of titling manufactured homes. They should be able to explain the process. If you'll be holding a lien on the home and titling it in the new buyer's name, usually it's just a matter of paperwork. Good luck!!