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In most states it is considered real property, in those that have to specific law as to how it is categorized the default statute could apply leaving it to the decision of the court. However, homestead exemptions pertaining to mobile homes are quite different than the exemption for a house. Whether or not the land on which the mobile home is located is owned by the dweller could also play a part in how the property is assessed. If you are in California, the double wide is only consdired to be real property by a lender if it is on a permanent foundation.
What else can I help you with?
Should I declare my mobile home as real property or personal property?
The mobile phone should be declared as a personal property and not a real .property. This is because a mobile phone has a small shelf life.
Do you have to pay property tax on a trailer?
Yes, in most states in the United States you will pay either a personal property tax or real property tax on a trailer (also known as mobile home or manufactured home). Each state defines what constitutes personal property or real property as the terms relate to mobile homes but typically a mobile home that is permanently fixed to the site is considered real property. If you own land where a temporary mobile home has been placed you could receive a real property tax bill for the land and a personal property tax bill for the mobile home.
Are mobile homes personal or real property in Canada?
Well, honey, in Canada, mobile homes are considered personal property if they can be moved from one location to another. However, if a mobile home is affixed to a permanent foundation and connected to utilities, it may be classified as real property. So, it really depends on how rooted that mobile home is - kind of like deciding if you're a city slicker or a country bumpkin.
Is a home personal or real property?
It depends on what you mean by home. If your home is a transportable mobile home installed on a rented lot your home may still be personal property. If you are referring to your private residence that is built on your land then your home is considered real property. Real property is land, any rights that inure to it and anything permanently attached to it.
What are the requirements for obtaining a home equity loan for a mobile home?
The requirements for obtaining a home equity loan for a mobile home typically include having good credit, sufficient equity in the mobile home, and meeting the lender's income and debt-to-income ratio criteria. Additionally, the mobile home must be considered real property and not personal property.
If a mobile home is not attached to Texas real property and I default on the mobile home what can the mortgage holder do?
Take the mobile home back and sell it.
Are mobile homes real property in Texas?
No. Mobile homes are not real property.
How is real property different from personal property?
The difference between personal property and real property is that personal property can depreciate faster than improvement made on real property.
How do you define a mobile home?
A mobile home is just that "a home which is mobile." The mobiles have wheels, unlike a stick house which is attached to a foundation. Mobile homes can be classified as "real property" if the wheels are removed and the home is placed on a permanent foundation.
My mobile home is on some else's land If that land is foreclosed on does my home become part of the foreclosure?
Not unless the mobile home was part of the collateral offered for the loan that is in default or. For example, if the lender gave money to a borrower and secured a lien against land, then you placed the mobile home on the property, the mobile home is your property and was not part of the defaulted loan. You will be required to vacate the land, but should be able to take the mobile home assuming it belongs to you. Generally, true mobile homes are not real estate, they are personal property. A mobile home can become real estate if it is built after the 1970s, has a HUD sticker, is on a foundation and the owner pays property taxes. If this occured and was owned by person who defaulted on the loan, it might be part of defaulted loan. There may be a trustee of record for the foreclosure, if you are unsure about your rights you may contact them or an attorney for information
Is a ceiling fan real property or personal property?
If the ceiling fan is attached to real property (installed), then it is real property. If it is in the trunk of your car, it's personal property. If it was installed when a prospective buyer inspected your home and you subsequently took it down and put it in the trunk of your car, you will need a lawyer.
Are Fructus Industriales real property or personal property?
Personal Property
