Hello everyone! ;) I am trying to sell my trailer home and I am not sure exactly how to write up a contract or what to put in one. I have a rough idea, but I want to make sure my butt is going to be covered in every aspect. If someone could give me some information on what I would want to have in this contract FOR SURE, without question, that would be great.
Also, I was told that I cannot charge the interest rate I am getting from the bank, and that it has to be lower than the bank or it is against the law. Is this a true statement? I asked my insurance guy and he said it was not true. I hope someone can help me. Thank you.

You can charge the same interest rate as a bank.
You can have your lawyer write up a contract for deed for you and that would be the safest.
If you don't want to do that- you can search for generic forms online or at office supply places such as Office Depot.
Even with a generic form I suggest you use your lawyer to go over it with you and the buyer.

First I may go that I doubt you can sell a mobile home on a contract for deed, you may sell the land it sits on, since in most areas trailers have titles, not deeds, they are considered personal property ( just like a car or motorcycle) There may be some exceptions but in general you will sell it on an installment contract. I would assme you could have an attorney write up a contract for title or some rent to own contract.

But if you want to be "protected" depends on what you want to be protected against, normally on a contact you will have to continue to provide all the insurance of the property since you are still the actual owner. Next contact for deeds are done most but of course not always, for people with credit bad enough they can not get a normal loan to buy it regularly, so you should expect them to default and for you to have to take it back. So if you want some protection to be sure they will always make payments, there is no such thing all you will ever have the right to do is to find them in default of contract which changes it to a rental, and gives you the right to evict them. Then you have the right to sue them in civil or small claims court for any damges.

Since you did not say where you are at, and what the interest rate is, I cannot comment on that, but if it is legal for the bank, there is no reason it would not be legal for you.

I just want to clarify that Contract for Deeds are NOT specifically for people with bad credit. These are common practices in rural areas and are done specifically when a bank won't make a loan on a non conventional house.
I have purchased two different homes this way and it wasn't because I was in a sub prime category.
The best way to stay protected is from the down payment. Because any damage done to the property will be a loss if the buyer walks away from the deal.

I live in North Dakota. I am not quite sure of the interest rate, as my husband does all of that.
As far as the contract fro deed, the mobile home park will not allow us to rent or rent to own, it has to written up as a contract for deed. I am confused about that end of it. Why and how is that legal for them to not allow for you to rent or rent with option to buy? I hope I am giving the right information here for the response.
I also wanted to say that I was going to pick up a contract for deed packet that has allt he paperwork that is involved, and I was wondering if that is a safe thing to do also? We do plan to have our attorney look over everything with both ourselves as well as the buyers. We are unfortunately not able to afford for our attorney to draw up the paperwork and also clarify the information to both ourselves and the buyer. Thank you.

Tami

Since there is no "deed" I can not see how a contract for something that is not there can be done, you can do a contract for title but not deed, since there is no "deed"

Also I am not sure that the land owners can legally restrict you from renting or rent to own, I would bet that that it is illegal to try to restrict your renting of your trailer.

It sounds like the trailer park owners try to restrict things, so they can come in and buy up the trailers that foreclose cheaply.

I would say you need your attorney NOW, if he writes it up, then there is nothing for him to look over, and if the buyers want an attorney to look over it, they can do that.

I was curious how and where I could look to find out if it is illegal for the trailer park to not allow us to rent our home? I want to check that out, and if that is the case, I will call them out on it. We lived in the trailer for 8 years with 3 kids, so we bought a house. I have however been watching the trailers around us, and a lot of them do foreclose, and the trailer park does end up buying them after they are in forcloser. I really want to find out if it illegal or not, because if it is, then we will probably rent it out, which would bring in more income for us every month. Thank you.

Tami Paulson

Talk to that lawyer and let them review your written rental agreement with the trailer part, if he determines it is a illegal clause, then it can not be inforced.