Lease With Option
I just found this site and it has given me lots of good advice. I do need some mor advice on my sale. I have had my mh that is in a park up for sale for 1 wk and found someone willing to do a leas with option. I feel very lucky because alot of homes in this area have been sitting for yrs. OH, I am in MIchigan!! This young lady seems to possess the ability to to pay me on time and is very excited to finally get her life moving forward. She will have a roommate to help but one of my questions is that should I only deal with one person and make her be accountable. The mh park said that we could do this but my husband and the buyer must remain on title untill the sale is complete, Does this sound right? Second question is what should be in the contract. I am thinking $-date due-when late fee is assesed-eviction date-but what about repairs? Any ideas would be greatly appreciated!! I am new to this but have a home waiting and want out Bad!!! thanks from michigan
Do you have a local board of realtor office nearby?
Most local boards offer to the public that you can purchase forms that the agents use.
I highly suggest that you use professional pre-printed forms. Too many problems happen when FSBO, novice sellers "try" to re-invent the wheel on very important legal contracts.
You will need the "purchase contract for manufactured homes" form, "seller financing" form.
As far as who should be on "title". Both you and your husband as "lien holder" because of the seller financing and the buyer as "registered owner".
Very important ... do not close until documented proof insurance for 1 year paid with you and your husband are on the policy as "lien holders" and your future new address. To protect against any fire and other damages to mobile home. And if new buyer cancels or does not pay insurance ... you will be notified by insurance company.,
Cheryl Lopez[ Edited by cheryllopez on Date 08/06/2004 ]