I sold a Mobile Home in my MHP this weekend, creating a note in the process. Here are the particulars; $18,900 sales price, $5000 down payment, $365 monthly pmt, 47 months 11% rate. Here is my challenge; no payments are due until either her apartment lease expires in Mar 2010, or until it is leased to another tenant.
How should I write this note?
Shawn,
I would have her sign a separate agreement that you may have contact with her current landlord monthly until March 2010.
Normally I have a spot where it says payments will begin on __________. Assuming you have a similar spot, I’d change it to read:
…payments will begin on March 1, 2010 unless buyer or seller are notified by previous landlord (name) that buyer’s former residence has been leased to another tenant. In which case, buyer will begin payments on the 1st of the month following aforesaid notice.
Cheers,
Steve