Do you draft a Land Contract on a MH the same way you would do a house?
IF you have a Land Contract on a MH, whats the best way to get out of it? Maybe could it be assignable?
thanx, herbster
Find, buy and then read “Deals on Wheels” by Lonnie Scruggs, who’s done hundreds/thousands of MH buys and sales and he knows as much as any living person as to how to do these right and safely.
You need to learn how he’s done that and then do your best to emulate his process.
His book(s) have the legal forms so you’d just copy those and use them to buy and sell MHs.
FYI, a MH, if there’s no land, is bought and sold just like a car, with a transfer of its Title and Registration being held by buyer if he’s giving his note for that MH…so if you’ve ever financed a car purchase, look at your paperwork and it’ll be almost exactly the same as you’d use with a MH sans land.
If the MH is on its own land, then it’s just another house and bought and sold the same way as any other RE…unless the MH title has never been surrendered and is just sitting on that lot.
Many MH investors do in fact NOT surrender their MH titles and then they’ll rent the lot but sell their MH…this has the advantage that the MH buyer will have to maintain his/her own MH at his/her own expense, but he’s just renting your lot which he’s less likely to screw up with maltreatment, etc.