Simple Mobile Home Purchase Agreement: What You Should Know
Do you know that a mobile home is considered a valuable property so when you buy one, you will need to have a simple mobile home purchase agreement? Basically, it is just the same as any other types of agreement. There are two parties involved where one side is passing the property to another one. This transaction alone needs to be clear so poor misunderstandings and legal grief can be avoided.
The Important Elements
Just because you are having a simple mobile home purchase agreement, it doesn’t mean that it should look plain in a short one page contract. You still need to be clear and detail about the whole thing. After all, a purchase agreement is a legal document that has its legal power. So, what elements are important?
- Clear communication. Everything that you agree on should be written in a very concise and clear manner with clear and easy-to-understand words. If you still have doubts or questions after reading the agreement, then it isn’t clear enough.
- Contact information. A solid agreement should always include the detailed info about the involved parties, including their correct and complete names, address, and phone numbers. If there is a co-signer or witness, their contact info should be included too.
- Mobile home description. You should find these info in the agreement: the serial number, model, size, year, location, whether it sits on a lot or not, and whether the lot belongs to the owner or not. There should also be the information about the features, like plumbing, light fixtures, exhaust fan, and others
- Financing method. There should be the information about the amount of the loan, the interest rate, and such thing alike.
- Rent information. This information only applies if the mobile home will remain on the lot. The information about this matter should be found and resolved in the agreement. If you don’t find any of it in the agreement, then it is not valid or legit.
- Closing and possession. You should also find the information about the closing day and also time. You want it to clearly specify the time and also exact date of the transfer.
The Legit Documents
If you are the seller, it would be a good idea to ask for a help from the legal expert. You don’t want to miss anything. If you are the buyer, make sure that you know your rights and you understand everything. If you can afford it, you should have the agreement reviewed and assessed by a legal expert.
In case you need the example, we have the templates for simple mobile home purchase agreement that you may find useful for your needs.