Are Mobile Homes Personal Property or Real Property?

Summary

The 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

00:00

🏡 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.

Keywords

💡Mobile Home

A mobile home, also known as a manufactured home, is a type of dwelling that is built in a factory and then transported to a site where it is set up on a permanent foundation. In the video, the term is central as it discusses whether mobile homes are considered personal property or real property, depending on various factors such as land ownership and attachment to the land.

💡Personal Property

Personal property refers to movable assets that are not attached to real estate. In the context of the video, mobile homes are considered personal property if they are located in a rental community where the owner does not own the land, similar to a car or a boat, as they are not attached to the land and the owner has a title or similar document identifying the property.

💡Real Property

Real property is land and anything permanently attached to it, such as a building or a house. The video explains that a mobile home can be considered real property if it is situated on land that the owner also owns and if it is attached to that land, becoming part of the land's legal description.

💡Land Ownership

Land ownership is the legal right to possess and use a piece of land. The script discusses the importance of land ownership in determining whether a mobile home is personal or real property. If the mobile home owner does not own the land on which the home sits, it is more likely to be considered personal property.

💡Title

A title is a legal document that provides evidence of ownership of a property. In the video, the presence of a title typically indicates that a mobile home is personal property. However, if the mobile home is attached to the land and the title is relinquished, it may be considered real property.

💡Bill of Sale

A bill of sale is a document that records the transaction between a buyer and a seller, often used when the property does not have a title. The video mentions that some states, like Vermont, use bills of sale instead of titles, which can affect the classification of a mobile home as personal property.

💡Certificate of Ownership and Location

This is a document similar to a title, used in some states like Texas, to identify the ownership of a mobile home. The video explains that the use of such certificates instead of titles can also indicate that a mobile home is considered personal property.

💡Census Bureau

The Census Bureau is a government agency that collects and provides data about the population and economy of the United States. In the script, the Census Bureau is referenced as a source of statistics regarding the location of mobile homes and their classification as personal or real property.

💡HUD.gov

HUD.gov refers to the website of the U.S. Department of Housing and Urban Development, which provides information and resources related to housing policies and programs. The video uses HUD.gov as a source for statistics on mobile home ownership and classification.

💡Merging Property

Merging property refers to the legal process of combining the ownership of a mobile home and the land it sits on into a single legal entity. The video explains that when a mobile home owner merges the property, they may relinquish the title, and the mobile home is then considered real property.

💡New Hampshire

In the context of the video, New Hampshire is unique among U.S. states as it considers all mobile homes to be real property, regardless of whether they are in a park or elsewhere. This is in contrast to the general rule in other states, where the classification depends on land ownership and attachment.

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