This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Alabama Mobile Home Purchase Agreement
Category:
State:
Multi-State
Control #:
US-02474BG
Format:
Word;
PDF;
Rich Text
Instant download
Description
Free preview
How to fill out Mobile Home Purchase Agreement?
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FAQ
The Alabama purchase agreement allows a buyer to submit an offer to a seller. If the seller agrees to its terms, it becomes a legally-binding sales contract. Buyers typically offer an earnest money deposit between 2% to 5% of the sales price to indicate good faith in fulfilling the agreement.
Land contract cons. Higher interest rates ? Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear ? The seller retains the property title until the land contract is paid in full.
Said processes usually include: Changing your manufactured home's title from real property to personal property. Having the Department of Motor Vehicles (DMV) or county clerk's office reissue the new title. Having an accredited mobile home appraiser assess the value of your mobile home.
Land contracts (aka ?land installment contracts? or ?contracts for deed?) are agreements in which a homebuyer makes regular payments to the seller but the deed does not transfer at the outset; instead, the seller retains full ownership of the property until the final payment.
The Alabama residential real estate purchase agreement (?general residential sales contract?) is a contract that outlines the terms of a residential property deal between a buyer and a seller. Terms include the purchase price, address of the property, closing date and more.
A land contract is a written legal contract, or agreement, used to purchase real estate, such as vacant land, a house, an apartment building, a commercial building or other real property. As a type of specialty home financing, a land contract is similar to a mortgage.
An Alabama real estate contract is a legally binding contract entered into by a buyer and seller for the sale of real property. Real estate contracts must be in writing, and they must be signed by both parties to be legally enforceable.
Be sure to include at least the following information: Mobile home description, including VIN, serial number, make, model, and year. Buyer and seller names, addresses and contact information. Sale date. Sale price, including any taxes. Sale conditions and terms, including warranties or ?as is? status.