Harris Texas Promissory Note in Connection with a Sale and Purchase of a Mobile Home is a legal document that outlines the terms and conditions of a loan agreement between the seller and the buyer in a mobile home transaction. This note serves as evidence of the borrower's promise to repay the loan amount, including any interest, within a specified period. This promissory note is specifically tailored for mobile home sales within Harris County, Texas. It ensures that both parties are protected and provides a clear understanding of the financial terms involved in the sale and purchase of the property. Keywords: Harris Texas, Promissory Note, Mobile Home, Sale, Purchase, Loan Agreement, Seller, Buyer, Legal Document, Loan Amount, Interest, Specified Period, Mobile Home Sales, Harris County, Texas, Financial Terms, Property. Different Types of Harris Texas Promissory Note in Connection with a Sale and Purchase of a Mobile Home: 1. Fixed-Term Promissory Note: This type of promissory note establishes a specific repayment period in which the borrower must repay the loan amount, including interest. The terms are agreed upon upfront, providing clarity and predictability for both parties involved. 2. Adjustable-Rate Promissory Note: In this type of promissory note, the interest rate charged on the loan adjusts periodically, typically based on a predetermined index. This allows the interest rate to fluctuate as market conditions change, potentially affecting the borrower's repayment amount. 3. Balloon Payment Promissory Note: A balloon payment promissory note features lower monthly installments initially, but after a certain period, typically a few years, a larger final payment, known as a balloon payment, is due. This type of note is suitable for borrowers who expect increased income or plan to refinance before the final payment is due. 4. Installment Promissory Note: With an installment promissory note, the repayment of the loan amount, including interest, is divided into equal monthly installments over the loan term. This type of note provides a structured repayment plan to the borrower and ensures regular payments to the seller. Remember that it is essential to consult with a legal professional when drafting or signing any legal documents, such as a Harris Texas Promissory Note in Connection with a Sale and Purchase of a Mobile Home. They can provide personalized advice and ensure that the note complies with all relevant laws and regulations.
Harris Texas Promissory Note in Connection with a Sale and Purchase of a Mobile Home
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All out of state titles must be accompanied by a completed Certificate of Title for a Motor Vehicle (DMV-1-TR) in addition to the reassigned certificate of title. No taxes on the transaction are paid to DMV. The fees required are a $15.00 title fee and $10.00 per lien (if applicable).
Mobile homes affixed to land not owned by the homeowner are taxed as personal property. Mobile homes affixed to land owned by the homeowner are taxed as real property.
Mobile home loans take typically 45 to 60 days to close. In the majority of escrows, Escrow needs to obtain a tax clearance certificate from County Tax Collector before the escrow can close, depending on the County, this can take three weeks or more.
Selling a Mobile Home Without Title You can use retailers such as MobileHomeHQ to help you sell your property for cash, even without a title. You will need a Bill of Sale and a statement from the Tax Assessor-Collector at the local tax collector's office to prove all taxes have been paid on the home.
To move a manufactured home, the state requires the owner to get a permit from the Department of Motor Vehicles (DMV). They must submit a copy of this permit when they apply for a new Statement of Ownership, showing the new location of the home.
By buying a mobile home, you are not subject to property tax or housing tax. The only tax you will have to pay is the tourist tax (between 100 and 200 $ per year).
You must apply to the Department for it within 60 days from the date of any sale or relocation of the home. This is very important because ownership of a manufactured home does not pass or vest at a sale or transfer of the home until a completed Application for Statement of Ownership is filed with the department.
The bill is signed by both the buyer and the seller in a company of a notary witness. The reason is to have the document notarized, and once it has been, you will then stand as the owner since the bill is a legal binder.
And although mobile homes go down in value and can be difficult to sell, a mobile home is an asset that you can sell when you are ready to move (unlike an apartment you rent).