Mobile Home Seller Financing - California
I need some help with this process. I've been researching how to go about setting up seller financing for a relative of mine and have had a difficult time finding any information.
Here's the scenario: the seller has agreed to carry financing. My relative is going to put money down and the term will be about 10 years.
Questions - Do I record the note anywhere? If so, where? My understanding is this isn't like recording a note against a SFR.
If I don't record the note then how does it work?
What forms are needed other than a purchase & sale agreement?
Thanks,
Jason
Most Popular Reply
Mobile homes (with no real property) are transferred with a Bill of Sale and a Registration with the Department of Motor Vehicles. A note is secured by the title to the motor home and recorded on the "pink slip," like a car. The Ownership Certificate will show the name of the registered owner and the lien holder (lender/seller). It would be smart to have an experienced escrow agent familiar with mobile homes process your sales and transfer. With regard to processing payments there are online automated loan tracking, payment and accounting solutions that are very reasonably priced at under $15.00 a month. There may not be a need for the escrow agent to provide that service.