Buying and selling a home can be the most stressful experience in our personal lives. As a buyer or a seller, you want to make sure that all the conditions of the sale have been met before the property and money exchange hands. Through the years, custom has dictated that money and all related documents should be transferred through a neutral third party. This process is called escrow.
Processing
Mobile or manufactured homes are often on leased land in mobile home parks. When selling such a home, there are items to remember for itemized reimbursement if they have been prepaid by the seller. These include space rent and personal property taxes. Frequently when trying to close without escrow, the seller will not be reimbursed for these items. The charges on closing a mobile home are minimal to both seller and buyer. The charges to the seller would be the excise tax, UCC Search of $25.00, the commission due the real estate agents or dealership, and one/half of the escrow fee charged by the escrow agent. The charges to the buyer would be the title transfer fee of $124.00, any UCC filing or recording fees, if necessary, prorated space rent, prorated property taxes and one/half of the escrow fee charged by the escrow agent.
Closing
When the transaction has been placed in escrow, the escrow agent will make sure that the buyer has been approved with the park management and required deposits have been paid either in advance or at closing. All conditions of the purchase and sale agreement required to be met at the time of closing will be reviewed by the escrow agent. Once all documents and the settlement statements have been prepared, the buyer and seller will be contacted for an appointment to sign and the buyer will be informed as to the amount of funds necessary to close the transaction. The transaction is not completed until the county has received the excise tax affidavit and excise tax check and the Department of Licensing has received the title transfer and fee. This process is required whether or not there is an escrow agent involved in your transaction. This process is part of the service provided by escrow and saves both buyer and seller a great deal of time at both the court house and the Department of Licensing. Premier Escrow, Inc. has been offering its customers the lowest possible escrow fees and the best service. We make ourselves available for signings that is convenient for our customers and are conveniently located in Lynnwood. If you have any questions regarding the closing process of your mobile or manufactured home, contact Debbie Blodgett for expert help.
