Chattel Mortgage Form Formula In Michigan
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Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
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FAQ
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
The Bottom Line Chattel mortgages are a little-known but potentially good option if you're looking to finance a manufactured home or heavy equipment. These loans are smaller than conventional loans and tend to have higher rates, but they have shorter terms and quicker payoffs.
A mortgage company may be a chartered bank, a credit union, a trust company or other financial institution providing mortgage loans.
RECORDING REQUIREMENTS Documents executed in Michigan which convey or encumber real estate require a notary's acknowledgment. Documents must be on 8.5" x 11" or 8.5" x 14" paper and must have a 2.5" top margin for the first page, and a minimum 0.5" margin on the other three sides of all pages.
The home seller typically pays the real estate transfer taxes. The state tax is calculated at $3.75 for every $500 of value transferred and the county tax is calculated at $0.55 for every $500 of value transferred.
If the value of the real estate transferred is $100.00 or more, payment of State and County transfer tax is required. Rate of County tax = . 55c for each $500 or fraction thereof. Rate of State tax = 3.75 for each $500 or fraction thereof.
Sign and date the quitclaim deed in a notary's presence, then file it with the county Register of Deeds Office in the property's county, not the county where you live. Once the deed is filed and recorded, the transfer is deemed legal.
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