What are mobile home titles and what needs to be done with them when buying or selling a home in Sarasota?
Are you looking to buy a home but don’t know what role a title plays in the purchase transaction?
Are you looking to sell a mobile home but are not sure what you are supposed to do with your title when it comes time to sell the home?
This is totally understandable as many times when we get asked these questions they are asked from mobile home buyers or sellers who only sell or buy a few mobile homes their entire life.
Mobile homes on lease land are taxed in Florida as personal property, not real estate.
As such, these personal property homes have a title that shows proof of ownership and not a deed like traditional real estate has.
You may be familiar with the term title from when you bought or sold a vehicle. This the same type of title we are referring to here. So, if you have any experience with vehicle titles then we’re halfway there already!
When you buy a mobile home it is a good idea to make sure the seller has the title to the home in their name.
Here is your first tip of the day:
Do not buy a mobile home from someone whose name is not on the title as they do not have proof of actually owning the home in the very first place!
Check to see if the owner has a lien on the title.
If they don’t have a lien then it is referred to as the owner having what’s called clear title. If a lien is present that means that the owner of the title has a lien against the property which also means that they owe money to someone or some agency before they actually own it in full. The lien information will physically be written on the title on the front page of it.
If you are selling a mobile home you will always want to make sure your title is ready for when the buyer is ready to buy and that you have the ability to sign over the title to the new owner.
Our second tip of the day:
Make sure you know where your title is and that you are able to physically locate it!
We, at the Mobile Home Dealer, work with buyers and sellers on a daily basis and help complete the entire title transfer process as part of our services.
Knowing what a title is and why it is important is a first step in knowing who owns the mobile home and insurers you are buying the home from the correct person.
This is Mark Kaiser with the Mobile Home Dealer and we help mobile home buyers and sellers get to a better place in life.