Question, I just bought a used home with a title. My plan is to set the home in my park and resell. Do I need to transfer the title in my name before I sell it to the next person or should I just leave the buyer blank and transfer to new buyer? Saves me money not to transfer it into my name. Or this is not correct and i need it in my name to sell it again?
You should be ok just giving the title to the next buyer as long as no one’s name is written on the back in the ‘buyer’ section.
I agree. We have done it both ways with no problems.
One thing to consider, which is what I refer to as a “Jump Title”. if the current owner should die before you transfer the title, you would have to go back to the family and get a death certificate, and maybe other paperwork.
I have had a couple of situations where “Joe” moves into the park and buys a trailer from “Sue”. Five years later, “Joe” dies and it turns out that “Joe” had never put the title in his name. When “Joe’s” family goes to the MVA ( or DMV), they are told that "Sue " is deceased and that they will have to get a death certificate
and maybe other paperwork in order able to transfer title. Going back and finding “Sue’s” family several years after her death can be problematic. When this happened to me I have filed failure to pay rent against “Sue” and had to forclose on the trailer. It takes several months and has some legal costs as well.
In Maryland, It costs about $165 to transfer title and I tend to do it quickly as I possible. When I sell a trailer I try to meet the buyer at the “12 minute tag” location on the same day that they buy the trailer and get it switched into their name…that way it does not come back to haunt me later.
My experience is that trailer buyers do not tend to be very sophisticated and that they will buy a trailer and just put the title in a drawer, never getting the title into their name. I always stress how important it is and offer to meet them at the tag and title place to get it done.