Mobile Home Bill of Sale
I own a mobile home(Land not included)in a mobile home park which I have put up for sale. I have a buyer and I would like to carry the note at fixed interest with a balloon payment after 2 years . Would a Promissory note secured by the mobile home and a down payment be sufficient to back a Bill of Sale for the mobile Home? Also do I need to stipulate in the Promissory Note that the buyer must pay for the lot rent(to the Park) or is that assumed?
Re: Mobile Home Bill of Sale
A mobile home – so long as it remains “mobile” – is personal property, just like a car. A bill of sale will be effective to effect transfer of the title, but must reference the accompanying promissory note that is secured by the home. You can use pretty standard forms for these two items, but be careful that the full legal description of the home is included in both (you can pull it from your registration, annual tax statement, or your own original purchase agreement). You cannot compel the new owner to keep the home in its present location (any more than you could force the buyer of your car to keep it in his garage), but you can include in the purchase contract a provision that you receive notice of any default in rent payment at the park. Most parks require a specific approval process for new tenants – even in existing homes – so be sure you are complying with the property owner’s rules, too, and request from the property manager the notification of any default.
Rick Williams
Law Offices of Frederick D. (Rick) Williams, Chtd.
5515 Wedekind Rd
Sparks, NV 89431-1147