Louisiana Mobile Home Purchase Agreement is a legal document that outlines the terms and conditions of purchasing a mobile home in the state of Louisiana. It serves as a binding contract between the buyer and seller and ensures that both parties understand and agree to the terms of the transaction. The agreement typically includes important details such as the names and addresses of the buyer and seller, a description of the mobile home being purchased, the purchase price, and any additional costs or fees associated with the transaction. It may also include provisions for financing, inspections, and contingencies, depending on the specific terms negotiated between the parties. There are various types of Louisiana Mobile Home Purchase Agreements, each tailored to specific circumstances or requirements. Some common types include: 1. Cash Purchase Agreement: This agreement is used when the buyer intends to pay the full purchase price in cash at the time of closing. It typically includes provisions for payment receipt confirmation and transfer of ownership. 2. Installment Purchase Agreement: This agreement is employed when the buyer and seller agree to structured payments over a specific period. It outlines the payment schedule, interest rates (if applicable), and consequences of defaulting on payments. 3. Rent-to-Own Agreement: This type of agreement is advantageous for buyers who may not have immediate financing available or wish to try out the mobile home before committing to its purchase. It allows the buyer to rent the mobile home for a specified period with an option to purchase it at the end of the lease term. 4. Seller Financing Agreement: In circumstances where the buyer may not qualify for traditional financing, the seller may offer financing options. This agreement outlines the terms of the financing arrangement, including interest rates, repayment terms, and any provisions for default. Regardless of the type, it is crucial to consult with a real estate attorney or a knowledgeable professional to ensure that the mobile home purchase agreement complies with Louisiana state laws and adequately protects the rights and interests of both parties involved.
Louisiana Mobile Home Purchase Agreement
Description
How to fill out Mobile Home Purchase Agreement?
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FAQ
Bring forms to your local DMV in the parish to pay fees and transfer ownership. Only buyer(s) must be present at DMV to transfer title, however ideally buyer and seller go to DMV to transfer title to help expedite any last-minute issues that arise at the DMV. All forms should already be signed.
Mobile (manufactured) homes are taxed as real property after the owner has declared and filed a petition stating the home is permanently affixed to the ground. Mobile homes not affixed to the ground are subject to the Vehicles License Tax.
Sales of immovable property are not subject to Louisiana sales and use tax. A dealer is allowed an exemption for the purchase of manufactured homes for resale as tangible personal property. The Department of Revenue issues Form R-1018, Sales Tax Exemption for Mobile Home Dealers, for this purpose.
They will need to provide the following documents in order to obtain one:Ownership documents such as:A VIN Verification (DMV-1-B) completed and signed by a law enforcement officer.A completed Certificate of Title for a Motor Vehicle (DMV-1-TR)A completed Owner and Purchasing Affidavit (MB-12/13)$15.00 title fee.
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.
Manufactured homes, including mobile and modular homes, are considered movable property in Louisiana, and are subject to the motor vehicle title law.
