Have you wondered what fees are needing to be paid for a mobile home purchase in Sarasota?
Anytime we work with Buyers who are looking to purchase a mobile home that we currently have a listing for, we always make sure they know exactly what it means when they say, “I’d like to make an offer.”
Mobile homes throughout the greater Sarasota Florida area are becoming popular not only for snowbirds, but also for people who are single and older, and even older couples who want to have a peaceful neighborhood.
We here at The Mobile Home Dealer continue to do our very best to deliver all of the most relevant information to you in the mobile home space and wanted to thank you for taking a few minutes to learn about what needs to happen for the sale of the mobile home to go through on leased land down here in the state of Florida.
When looking at buying a mobile home within the greater Sarasota Florida area that is located on leased land one needs to realize that the purchase, sale, and closing actions are totally different than that of a traditional single-family home.
The reason for this is that, in Florida, a mobile home that is sold on leased land is viewed as and taxed as personal property and not real estate.
What this means is that the purchase process is the exact same as buying a vehicle.
So, with this understanding, what are the fees to be paid when closing a mobile home sale in Sarasota Florida?
When purchasing a Sarasota mobile home, the actual purchase price of the home is only one of several expenses that will be incurred during the purchase process of that home.
We have found that many, if not most, mobile home Buyers are unaware that there are several additional fees to add to the total cost of a mobile home purchase.
If these fees are not paid at the time of closing, the sale of the home, will not be able to go through.
In order for there to not be any confusion at the closing table, our company policy at The Mobile Home Dealer is one where we lay out all of the fees to the Buyer so that when they make an offer to purchase the home, they know exactly what they will be responsible for paying come closing day.
The first fee to be paid is the actual negotiated purchase price of the home. This price will be what the buyer is agreeing to pay the Seller for the purchase of the property.
In the state of Florida, the buyer is required to pay state, city, and sometimes county tax, on the entire purchase price of that mobile home. For homes bought in Sarasota, this equates to a 7% tax on the total purchase price of that home. In other counties, such as Charlotte County, a little further south, the county then imposes a 1% tax on top of the 7%, so the total tax is 8% that is owed on the purchase price. The Buyer will need to pay a title transfer fee, which takes the title of the mobile home from the current owner to that of the new owner.
Registration fees will need to be paid at closing by the Buyer as well. This fee ensures that the mobile home that has been purchased is correctly registered to the new owner in the state of Florida. Closing fees will also need to be paid at the time of closing by the Buyer to the licensed mobile home broker as well.
It is not uncommon for all of these additional fees to total, sometimes over $2,000, in addition to the price of the mobile home.
It is imperative that the Buyer of the mobile home be very well versed in all of these additional fees that are associated with buying a mobile home within the state of Florida prior to making their offers.
Take note that It is also not uncommon for the mobile home Seller to still be in the home when the Buyer has been approved so, normally a 30-day close is reasonable for the Seller to be able to move their belongings from the property so that the Buyer has the ability to move in right away on the date of closing.
If the home is vacant and the park approval has been completed then there would be no reason why the Buyer of the mobile home would not be able to move into their new home right after signing the purchase paperwork!
If the Seller is looking to have an elongated closing, greater than the traditional 30 days, then this will need to be further negotiated during the sale of the home. We would caution all Sellers, however, that if this is the case you may want to reconsider putting your mobile home on the market to sell until you are within the 30-day window of being able to move out of the property. The reason for this is that since mobile home sales can move so quickly when they are located on leased land most Buyers do not want to wait an extended period of time to move in is enjoying their new Sarasota Florida lifestyle right away and they certainly may walk away from buying your home.
Having knowledge of these things can avoid unforeseen issues for both the buyer and the seller that could result in breaking the deal. It is always important that both the buyer and the seller agreed on everything before closing the sale and signing the papers.
With a solid understanding of these additional fees needing to be paid, they will help both the Buyer and the Seller so that the purchase does not fall apart at the closing table due to a lack of funds.
This is Mark Kaiser with The Mobile Home Dealer, and we help mobile home buyers and sellers get to a better place in life.