Are Mobile Homes Personal Property or Real Property?
Summary
TLDRThe script discusses whether mobile homes are classified as personal property, like a car or boat, or real property, similar to a house or condo. It clarifies that if a mobile home is on rented land, it's considered personal property. However, if the owner owns the land and the home is attached, it may be real property, depending on whether the land and home are legally merged. New Hampshire is unique, treating all mobile homes as real property. The script also advises checking with the seller, looking at public records, and considering the state's property laws to determine a mobile home's classification.
Takeaways
- 🏠 Mobile homes are considered personal property if the owner does not own the land they sit on, similar to a car or boat.
- 📜 In most states, if the mobile home owner has a title or similar document, it's treated as personal property.
- 🏞️ New Hampshire is unique in that it considers all mobile homes as real property, regardless of the land ownership.
- 🔢 Approximately 75% of mobile homes are located on private land owned by the homeowner, yet two-thirds are still considered personal property.
- 💼 The distinction between personal and real property is important for tax purposes and how the property is treated legally.
- 📝 If a mobile home owner owns the land and the home is attached, it may be considered real property, but this depends on local regulations.
- 🏡 In the majority of cases, mobile home owners have not merged the land and the home into one legal entity, keeping them as separate properties.
- 📋 To determine if a mobile home is real property, one should check if the land and home have been legally combined, often requiring a fee and form at the local courthouse.
- 🤔 The seller of a mobile home should know if the property is attached to the land and if they've combined the legal descriptions into one.
- 🏦 If a mobile home has a mortgage, the title will be held by the bank until paid off, which can indicate it's treated as personal property.
- 📊 Different states have different practices regarding titles and property classifications, affecting how mobile homes are considered.
Q & A
Are mobile homes always considered personal property?
-No, mobile homes are not always considered personal property. Their classification depends on whether they are located on land owned by the mobile home owner and if the mobile home and land are considered as one legal entity.
What is the primary factor that determines if a mobile home is considered personal or real property?
-The primary factor is the ownership of the land on which the mobile home sits. If the mobile home owner does not own the land, it is typically considered personal property.
In which state are all mobile homes considered real property regardless of the land ownership?
-In New Hampshire, all mobile homes are considered real property, regardless of whether they are in a park or elsewhere.
What is the significance of the land ownership in determining the property status of a mobile home?
-If the mobile home owner owns the land on which the home sits and the home is attached to the land, it may be considered real property, provided the land and the mobile home are legally merged as one entity.
What is the term used in some states to refer to the title of a mobile home?
-In some states like Vermont, a mobile home title is referred to as a 'bill of sale.' In Texas, it is called a 'certificate of ownership and location.'
What percentage of mobile homes are located on their owners' private property according to the Census Bureau and HUD.gov?
-According to the Census Bureau and HUD.gov, 75% of mobile homes are located on their owners' private property.
Why are two-thirds of mobile homes on private property still considered personal property?
-Two-thirds of these homes are considered personal property because the mobile home owners have not merged the raw land and the mobile home together into one legal entity.
What does it mean to 'marry' the mobile home and the land together?
-To 'marry' the mobile home and the land together means to legally combine them as one entity, which typically requires a fee and a form to be recorded at the local courthouse.
How can you determine if a mobile home is attached to the land and considered real property?
-You can ask the seller, check online through the county public record system, or see if the land has a mobile home attached to it in the property's legal description.
What is the role of a title in determining if a mobile home is personal or real property?
-A title indicates that the mobile home is considered personal property. If there is a mortgage on the home, the title will be held by the bank until the mortgage is paid off.
Why might a seller not have a title for a mobile home?
-A seller might not have a title if there is an outstanding mortgage on the mobile home, in which case the bank holds the title until the loan is paid off.
Outlines
🏡 Mobile Homes: Personal or Real Property?
This paragraph discusses the classification of mobile homes as either personal property, similar to a car or boat, or real property, akin to a house or condo. The distinction hinges on several key factors, primarily whether the mobile home sits on rented land (indicating personal property) or if the owner possesses the land (potentially real property). The speaker emphasizes the importance of the land ownership and the 'marriage' of the mobile home to the land through legal documentation, which can transform it into real property. Additionally, the presence of a title or mortgage also plays a role in this classification. The speaker, John Fedro, provides a four-step process to determine a mobile home's property status, with a special note on New Hampshire's unique stance on considering all mobile homes as real property.
Mindmap
Keywords
💡Mobile Home
💡Personal Property
💡Real Property
💡Land Ownership
💡Title
💡Bill of Sale
💡Certificate of Ownership and Location
💡Census Bureau
💡HUD.gov
💡Merging Property
💡New Hampshire
Highlights
Mobile homes can be considered either personal property like a car or real property like a house, depending on certain attributes.
If a mobile home is in a rental community where the owner does not own the land, it is usually considered personal property.
Owners of mobile homes in rental communities typically have a title or similar identification document for their home.
In New Hampshire, mobile homes are considered real property regardless of whether they are in a park or elsewhere.
Most other states consider mobile homes in parks to be personal property if the owner rents the land.
75% of mobile homes are located on private property owned by the mobile home owner.
Two-thirds of mobile homes on private property are still considered personal property if not merged with the land.
Merging a mobile home with the land it sits on can turn it into real property, requiring a fee and form at the courthouse.
The seller should know if the mobile home is attached to the land and if they have been merged into one legal description.
If a title is available for the mobile home, it is typically considered personal property.
A mortgage on a mobile home means the title is held by the bank until it is paid off.
Some states do not use titles, instead using certificates of ownership and location or bills of sale.
Investors should consider the state's regulations when determining if a mobile home is personal or real property.
Online county public record systems can provide information on whether a mobile home is attached to the property.
A four-step process is suggested for determining if a mobile home is personal or real property.
John Fedro provides expert insights on the classification of mobile homes as personal or real property.
Transcripts
are mobile homes considered personal
property such as a car a boat a jet ski
or a truck or are mobile homes
considered real property such as a
single family residence probably the
home that you are living in or renting
or a condo or a town home a property
with a legal description on land that
you own uh so R is a mobile home real
property or personal property well that
comes down to the mobile home in a few
key uh attributes to that mobile home
and the first one is if you can see
behind me where does the mobile home sit
very important if it sits inside of a
mobile home rental Community where the
owner of that mobile home does not own
the land then more times than not that
is going to be considered personal
property the pro the owner is typically
going to have some sort of
identification saying what that home is
the year to make the model who that
owner is typically called a title uh
some states refer to it as a bill of
salale such as Vermont uh other states
such as Texas refer to it as a
certificate of ownership and location
but it's not real property it's the same
as a car that's because you don't own
the land underneath the home now in
States like New Hampshire which is uh
the only state that does this it uh is
considered real property so whether
mobile homes in a park or anywhere else
that is going to be considered real
property if it's in the state of New
Hampshire every other state you're fine
by assuming that a mobile home in a park
where they rent of the land the owner
rents the land is going to be personal
property now with that said we move on
to mobile homes on private land or in
parks where the owner of the mobile home
owns the land so if the mobile home
owner owns the land that the home
resides on that the home sits on and is
attached to well then that's up in the
air now uh taking these statistics off
the Census Bureau and hud.gov that 75%
of the mobile homes in existence today
are located on their own uh personal
property on the on the private lot that
the mobile home home owner owns
themselves but interestingly enough
2third of these homes are considered
personal property that means that the
mobile home owners haven't merged the
raw land and the mobile home together
they haven't married the two now of
course that mobile home sits on the land
but the land is still considered vacant
property there is a tax bill for the
mobile home and there's a tax bill for
the vacant land only when those are merg
together can that mobile home can be uh
considered uh real property and in the
eyes of you know uh the government your
local Housing Authority uh in their eyes
those for those two PE uh those two
entities have to be married together the
mobile home and the piece of land
typically you'll relinquish the title
when you simply marry the two together
which requires a fee and a form uh down
at your Courthouse to be recorded and
let the world know that now the mobile
home and land are not separate but
they're together now with that said the
second step is what does the seller say
the seller is going to know if the
property is attached to the land if they
own the land and if they've been married
together into one legal description so
second step is you just want to ask the
seller it would be weird if the seller
did not know the answer to that question
uh if they didn't then you can look
online and see via the um the land owner
and the address of the property you know
who owns that land and then you can see
if the land was approved upon is there a
mobile home attached to that property
you can typically see that on online
through your county public record system
uh number three is a title available
some states don't use titles so there
won't always be a title available but if
there is a title available typically the
home is considered personal property now
if the home has a mortgage on it a title
won't be available but it will be in
existence which is you know the same
thing basically when you purchase a
mobile home from a bank or from a
individual and you take a loan from A
bank the bank will hold on to that title
until the seller
has paid them off so if you talk to a
seller they do not have a title in hand
ask them if you know the bank is holding
the title where the title is uh and then
that will be determining if it's
personal property or real property uh
and then what state are you investing in
again Texas uses certificates uh
statements of ownership and locations
they do not use titles uh Vermont does
not use titles use bills of sale there's
a few other states that do not use
titles but still consider their uh
mobile home hom inside parks personal
property the only state that is a little
uh odd when it comes to this is New
Hampshire they consider all mobile homes
across the board uh real property not
personal property so that is the uh
that's kind of the four-step process
that you can go through in your mind
which really should take just a few
seconds to determine if that mobile home
is personal property like a car or a
boat or real property like a single
family home my name is John fedro talk
soon
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