I am closing on a mhp this week there are 16 park owned homes and 8 tenant owned homes. In my settlement statement the title company is charging $5337,00 for mobile home transfer.( I assume it is for just the poh) Is this cost correct ? It sounds really high to me and can I not just have the seller sign the titles to me and I register them without having to pay the lawyer ? And what would be the actual cost at the department of highway and safety
Cost depends on the state. If you’re closing this week it’s probably too late, but that is a ridiculous amount of money to take 16 pieces of paper to the DMV or wherever. I’d say do it yourself and save the bucks, and run the risk of any problem (you can presumably always take through abandonment if something is wrong and you can’t get title). You have already seen copies of the 16 titles in the Seller’s name, right? (You can’t buy them if Seller doesn’t own them!) Besides that way you don’t have to deal with any screwups third-hand, you will be right there taking care of them.
I hate paying the big bucks to people who do a job that I have to walk them through how to do step by step by step.
We just submitted paperwork to transfer 14 homes in TX and cost with state is 1,385 ( TX) and its on the higher side since homes don’t have Seals and also multi section home.
Our title company didn’t really handle any part of this aspect. They did handle getting the taxes squared up on them though but made it clear they don’t really do MHs when they are personal property.
A lot of people don’t understand so as Brandon said, you are going to end up walking them through it…
Do it yourself if possible just make sure you have the blessing of the lender if there is one involved.
Congratulations on the park purchase. I agree with Brandon in that the amount quoted does indeed seem to be rather absurd. It may be that the amount also includes back taxes. Typically, any back taxes must be paid prior to title transfer. As an example, in the county where my park is located, one department collects the taxes and an other department handles the title transfer. A tax record search might shed some light.
Do it yourself. People signing paper. So easy. Another ripoff
I am also closing on a park with quite a few POH. Half the titles have the owners name on them half have someones else name on them. Should they all be in the owners name before I transfer them to me?
You don’t need them in Sellers name if you can get title. But you’ll have to know how to do this in your state. Obv. Seller cannot give you title by bill of sale if Seller doesn’t have title.
But as long as you have what you need for your state (e.g. title says Jane Doe but seller has bill of sale from JD to Seller and JD signed title but it was never switched at the State register) you’re fine.
There is also abandoned property statute, etc.
The transfer agent has a separate line on the closing statement for personal property, and the consideration for mobile homes goes on that line. The actual legal transfer of title, however, is not done by them and they charge no fee for it and they do not guarantee title. Our purchase and sale agreement specifies which homes come with the sale and we verify titles in due diligence. For the actual transfer, we tell the seller to have titles for hand off at the closing and we sit down with the sellers immediately before closing (usually in the lobby of the title office) to take a last glance at the titles. If all is good, we go to closing, they had off the titles, and I send them to the BMV with the title application and a $15 to $20 fee per title.
What is abandoned property statute and hjow would I get titles? Seller has 8 abandoned homes that he will pay back taxes on and I will get bill of sale but no titles.