Bought me a trailer park, yeehaw! Can’t get titles.
Here is a question for the group. I just bought this park with an owner financing component. I put in a 27% down payment and then the rest was owner financed. 38 total lots, 28 Park owned homes.
So we are working away getting utilities switched over to my name and the previous owner said that his attorney told him not to give me the titles to the park owned homes because since he is “the bank” he shouldn’t give me title to those park owned homes prior to our payoff date. ???
Admittedly, I am new to this and am learning on the run but I would have thought I would get title to those homes. How can I possibly sell off park owned homes if I don’t have a clear title to them?
I would love your input, maybe someone else can learn from my pitfall, haha.