If you’re looking to sell your Tucson mobile home, you will need to have certain formal documents prepared in order for the transaction to go off without a hitch and without any legal problems. One of these important documents is the sales contract (also known as the purchase agreement under certain conditions). This contract/agreement is an important element of the sales transaction and should not be taken lightly.
The sales contract/purchase agreement delineates the various conditions connected with the sale of your Tucson, AZ, mobile home and is legally binding, holding both seller and buyer accountable for what happens in the transaction. Whether you draft this document yourself or hire a professional, it’s important that you know what should be included in your mobile home sales contract.
Overview of Sales Contract
As we mentioned, a sales contract is an important ingredient in the sales of mobile homes and manufactured homes (the latest term). The fine details may vary according to state law, but in general, the major components are:
- Description of the mobile home, including appearance and condition
- Amount paid by the owner to purchase the mobile home
- Provision stating to whom the seller should refer any grievances (typically the seller)
- Allowance for the buyer to take grievances to the state authorities if not satisfactorily resolved by the seller
- Statement that the buyer has the right to obtain a copy of the contract and any pertinent warranties covering the mobile home-imp
Perhaps more important than these elements of a sale contract for mobile homes/manufactured homes are a couple of other aspects. And these are clarity and accuracy.
Ambiguous language and inaccuracies in the contract can make it nearly worthless if any legal issues arise. You need to make sure it is written in a clearly understood way so that there will be no questions or doubts about what – exactly – it entails.
And this is one of the chief advantages of going through a reputable Tucson mobile home buyer. They know how to craft a flawless sales contract or purchase agreement. (Discover more here, especially if you need to sell your Tucson mobile home fast.)
Elements of Mobile Home Sales Contract
Now we come to the more specific elements of the sales contract for a Tucson mobile home. Typically these include:
The Description
As indicated just above, a sales contract must include a description of mobile home. This description typically includes:
- Location (along with the many variables this entails)
- Make and model
- Year of manufacture
- Serial number
- Size (both dimensions and square footage)
- An exhaustive list features, such as number of beds and baths, appliances, light fixtures, ceiling fans, mechanical systems, and so on
- Any other items to be included in the sale, such as carports, outbuildings, and decks
In addition to these items, the description should also indicate whether the home sits on rented or owned land. It should state whether the home is to be sold with the land or by itself.
Contact Information
A solid contract will include contact information for all the parties involved in the transaction. In most cases, this includes the following information for both the buyer and the seller:
- Legal name
- Phone number
- Address
- Role in the transaction
And in most cases, the contract or agreement will include important contact information for all other signees, for example, cosigners and witnesses/notaries.
Financing Details
Many times in the sale of manufactured homes, owner financing is involved. In such cases, the sales contract must include all the important financing information, including amount of the loan, interest rate, repayment terms, and default penalties. Similar information is usually included in the contract even when the buyer is getting a mortgage loan through a traditional lender.
Rental/Lot/Land Information
This is the aspect that often makes drawing up a sales contract for a mobile home so much more difficult and involved. If the mobile home is situated on a lot in a park (the most common scenario), the buyer may want the keep the home on its current spot. The problem, though, is that doing so often requires approval of the lot owner (which is usually the park owner).
This matter and the involved contingencies will have to be addressed in the sales contract. For, in such a case, closing can happen only with the appropriate approval.
Closing Date
The final step in the transaction is, of course, closing – when all the papers are signed, money changes hands, and ownership of the mobile home is transferred. So the sales contract will state the date and time of closing.
Complicating Conditions in Selling Tucson, AZ, Mobile Homes
This has all been pretty straightforward so far, but, as we’ve hinted in a couple of places, there are certain conditions that can really complicate matters. And chief among these is whether the mobile home is or is not independent of the land – the real property – under it.
If the mobile home is not tied to the land and is sold without land ownership, then just a contract of sale will do the job. But if, on the other hand, the mobile home is in fact tied to the land, an affidavit of affixture will be involved. Here’s why . . .
When a mobile home is on a rented lot and can be moved, it is considered personal property. So the sale, in this case, proceeds much like the sale of a car. If, however, the home sits on land owned by the mobile homeowner and it cannot be moved, then it becomes real property, just like a traditional house. And then the affidavit of affixture, which closely parallels a sales contract, is used.
A Simpler Solution To Sell Your Tucson Mobile Home
If by now your head’s spinning just a little, that’s quite understandable. What seemed like an easy, straightforward contractual matter has (or can) become a complicated affair. And then where does that leave you if you need to sell your Tucson mobile home fast? There is in fact a simpler solution that obviates the need for you to draw up a complex sales contract. And that solution is to sell to a professional cash buyer – but not just any buyer.