But knowing what to look for in a purchase agreement can save you from evadable grief and from learning lessons the hard way.
In such an agreement, two different parties are coming together to pass on property to another. You want to be sure there is clarity in regards to the details surrounding the sale. This can save the seller from legal grief and the buyer from poor misunderstandings.
Everything that needs to be in a mobile home purchase agreement
So let’s talk purchase agreements. It’s not a document to be taken lightly, that’s for sure. A purchase agreement is a legally binding document that lays out the variety of conditions connected to the sale of the mobile home including the purchase price. This contract holds the buyer and seller accountable for their transaction.
First of all, whatever is laid out in your mobile home purchase agreement needs to be written in a clearly understood manner. You don’t want any doubt or question about what the agreement entails.
Contact information for all parties involved
Any and every purchase agreement should have a place for information that pertains to the buyer and seller of the mobile home. This information includes names, phone numbers, and addresses. You’ll want a place for witnesses or co-signers’ contact information as well.
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Description of the mobile home
In any event, the agreement must include a description of the mobile home.
It’s a good idea to mention the location of the home, the model, year, size, and serial number. Also make mention of the fact that, if the mobile home sits on a lot not belonging to the seller, the land is not included in the sale.
Make an exhaustive list of home features such as light fixtures, plumbing, exhaust fans, and more. This will aid in describing what will be included in the sale. If sheds or other extra structures on the lot are included with the sale of the mobile home, be sure they are written out. They must be listed in the mobile home purchase agreement.
Here you may find that financing is part of the transaction deal. It should be noted how much the loan is. The interest rate should be included as well. Generally, the purchase agreement allows the buyer to withdraw from the transaction if he can not get approval for a loan.
Rent information (if the mobile home remains on the lot)
Next up, we have rent on the list. If the mobile home is sitting on a lot, then the purchaser may wish to keep it there. But this may not be possible without the approval of the lot owner. This is also true with mobile home parks. It’s best to have the manufactured park owner’s approval before assuming he or she will accept the transfer of ownership.
Be aware that closing can only happen if the mobile home park owner approves of the purchaser.
Possession and closing
When it comes time to seal the deal and transfer ownership of the mobile home, you need to be ready.
The mobile home purchase agreement should state what day closing will happen. It’s best to note the time too.
Including the exact date and time of transfer will expedite the sales process. It will keep everyone moving towards that goal of transferring ownership.
Final pieces of advice
As an added note, if you’re a seller, we suggest bringing in legal help as you draft up a mobile home purchase agreement.
For those of you who are in the market for a mobile home, we hope you are more in tune with what to look for before signing any sales contract. As the old saying goes, an ounce of prevention is a pound of cure. If you can evade a bad deal of a house, you’ll be the better off for it. Should you find the sales agreement is shoddily written, you may want to look elsewhere for your mobile home.
A mobile home can provide your family with an affordable home without the compromise on quality. However, as with anything else, you’re better off going into this well-informed.
You can go with a purchase agreement template but it is recommended that you only fill it in front of a lawyer. This will ensure that you have covered everything that needs to be taken care of.
Ready to buy?
There are several reasons why you’d want to buy a mobile home. You’re off to a good start in this adventure if you’re looking to educate yourself on mobile home purchase agreements and the right way to go about your purchase.