Posted by Darrell on August 26, 2008 at 07:41:39:
Calling all Washington mobile home investors. I have a title question. I bought a park last summer which had a several park owned homes. A couple of the homes in the deal did not come with a title. Instead I received paperwork from the Dept of licensing showing that I'm the registered owner and that after a 36 month waiting period I would get the title. I have a buyer for one of those "in lieu of title" homes and I have an investor who's willing to finance the buyer. DOL says I can sell the home during the waiting period as long as I provide a notarized release of interest to the investor. So here's the question .....how should the investor structure the deal? I think he should set it up on a lease option so that title doesn't go to buyer until paid off. The investor is concerned about what would happen if they don't pay...how to evict if he's the registered owner waiting for title. I think the answer is that under a lease option the buyer is just a renter who can be served a 3 day notice to pay or vacate. ( For those who don't do biz in WA....you can't file for in lieu of title if there is a legal owner of a home in the WA state records). Should the investor be given some kind of a guarantee on this deal and what would that look like. Thanx for your help.
- Re: Washington State.....title problem.... John Merchant 17:26:53 08/26/08 (0)