Chattel Mortgage Form Formal Contract In Suffolk
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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 form of security interest, typically a legal mortgage, taken over tangible movable property (known as chattels).
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
Whatever the reason, you will need to retain an attorney, experienced in real estate, to draft a new deed conveying your home to yourself and the person you wish to add to your title. In addition to the deed, your attorney will also need to prepare transfer tax returns.
How do I obtain a copy of my property deed? Property deeds are recorded in the Suffolk County Clerk's Office in Riverhead, NY. The direct phone number is (631) 852-2000.
How do I obtain a copy of my property deed? Property deeds are recorded in the Suffolk County Clerk's Office in Riverhead, NY. The direct phone number is (631) 852-2000.
In comparison to regular mortgages, chattel mortgages come with shorter terms which means they're repaid within 10-15 years in most cases. With a residential mortgage, the lender can retain a lien on the property which may or may not be the case with a chattel property mortgage.