Q: Considering owner financing “chattel” a mobile home in a park with lot rent (thus no land). Location Flagler County, FL.
Considering owner financing “chattel” a mobile home in a community park with lot rent (thus no land). Location Flagler County Florida.
How do I draw up a contract that keeps parties fairly protected? Likely buyer needs title to insure, get tag/taxes (like a car DMV) and community park. I take a lien on property ?Or do I keep title until all payments are made?
Is it a rent to own or other contract needed?
If buyer defaults on payments, will it be a legal eviction process to get them out –or can I if it is a lien I hold , and buyer has title (but not paid entire 3 years of payments0/
Should I use a lawyer or is there a contract suitable for this that suffice?
Note: Buyers are a married couple and seniors. How to hold both binding to contract (if one dies)?
What steps to take if do not make payments to me to terminate the agreement and have them leave the home?
Thank you.
A:
There was a song in the 60s or early 70s, where the memorable line is "everybody plays the fool, sometimes.."
When dealing with contracts and the sale of real estate, including mobile homes, don't play the fool. HIRE AN ATTORNEY to draft the contract. Don't do it yourself and do not download something off the internet. It is much more expensive to correct an error than to pay a professional to do it right the first time. With the internet and e-mail, you can look for attorneys anywhere in Florida, you are not limited to attorneys in Flagler County.
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A:
When creating a contract for owner financing a mobile home in a park, it's crucial to have clear terms that protect both parties. You can opt for a lien on the property while the buyer holds the title, which allows them to insure the mobile home and comply with local regulations. It's advisable to detail the payment plan, interest rates, and consequences of default in the contract. Ensuring both parties’ responsibilities regarding lot rent, maintenance, and other expenses are clearly outlined is also essential.
If the buyer defaults on payments, the process to reclaim the property will depend on the terms of your contract and local laws. Generally, if you hold a lien and the buyer has the title, repossessing the mobile home may be more akin to repossessing a vehicle than evicting a tenant from real estate. However, local statutes can vary, so understanding Flagler County's specific regulations is crucial.
Consulting with an attorney experienced in real estate and personal property laws in Florida is recommended to ensure the contract is legally sound and both parties are adequately protected. This is particularly important when dealing with complex situations such as rent-to-own agreements or when considering the implications of a party's death on the agreement. An attorney can help tailor the contract to your specific situation, ensuring that both individuals are bound to the contract and addressing what happens in the event of a default or if one of the buyers passes away.
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