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Chattel Mortgage on Mobile Home

Chattel Mortgage Form Formula In Suffolk

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

County:

Suffolk

Control #:

US-0007BG

Format:

Instant download

Description

A chattel mortgage is a term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan.

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FAQ

The Bottom Line. If you're looking to buy a modular home or movable piece of equipment, taking out a chattel mortgage could be right for you. These loans come with shorter terms and much lower processing fees. However, the interest rate will be higher than what you'd receive on a conventional mortgage.

The purpose of a chattel mortgage is to secure financing for moveable property or chattel. Chattel mortgages can be used to finance vehicles, mobile homes, and even heavy equipment like tractors.

Whatever the reason, you will need to retain an attorney, experienced in real estate, to draft a new deed conveying (i.e., transferring) 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 add/remove a name on a Deed? You would have to record a new deed adding or removing the person(s) name. Because it is a legal document with legal consequences, we HIGHLY advise you work with an attorney to do so.

Deeds should be recorded in the Office of the County Clerk of the county in which the real property being transferred is located. When recording a deed, it is your responsibility to take the proper steps to ensure that the document meets the legal requirements for recording.

A person may be added to a property deed as a result of inheritance, marriage or partnership. It's crucial to understand that adding someone to a deed typically involves a transfer of ownership interest in the property. With that transfer comes potential tax consequences.

The Record & Return To box (number 6) on the Suffolk County Recording and Endorsement Form must be properly completed for the timely return of your recorded mortgage. NOTE: Must be printed on legal size (8 1/2 x 14) paper. Mortgage Tax is computed by a formula based on 1.05% of the amount of the mortgage.

Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.

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Note: This form must be downloaded to your device in order to be filled out properly. Download application forms for accounts and services, get information about credit union fees and more from Suffolk Credit Union in NY. Explore online.Use the downloadable, barcoded PDF document for transfers of Real Property located in all counties except: Herkimer County and the boroughs of New York City. Suffolk County Satisfaction of Mortgage Form. Fill in the blank form formatted to comply with all recording and content requirements. Use Form RP524, Complaint on Real Property Assessment to grieve your assessment. Depending on the incomes of the parties, the obligation might fall on either the Plaintiff or Defendant in the action. Form of application. Suffolk County Discharge of Mortgage Form. LIBOR is one of the largest local REALTOR® Boards in the United States.

Chattel Mortgage Form Formula In Suffolk

Description

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FAQ

Are chattel mortgages good?

What is the purpose of chattel?

How do I add a name to a deed in Suffolk County, NY?

How do I add a person to a deed in New York?

How do I record a deed in NY?

Can you add someone's name to a deed?

How much is mortgage recording tax in Suffolk County, NY?

What is an example of a chattel?

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