Are mobile homes real estate?
Answer by Sam Ott, BOL Guru
BIO AND CONTACT INFO
QUESTION: Do you consider mobile homes real estate? Without land I would think they would be considered more like a car loan.
ANSWER: Under Revised Article 9, a mobile home is not considered "real estate" until it becomes a fixture. Fixtures are defined as goods that have become so related to particular real property that an interest in them arises under real property law.
What is required to become a fixture depends on State law and case law. In some jurisdictions, the wheels of the mobile home must be removed and the mobile home attached to a concrete or brick foundation, in others, the connecting of the utilities is sufficient to to make the mobile home subject to real estate law.
If the mobile home is not a fixture, it would be most likely be considered a manufactured home under RA9. Small mobile homes less than 8 feet in width or 40 feet in length or less than 320 square feet in area are not by definition manufactured homes.
First published on BankersOnline.com 12/3/01
Home | Compliance | Lending | Operations | Security | Marketing | Technology | eBanking
BankersOnline is a free service made possible by the generous support of our
advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all
banking professionals. Support our advertisers and sponsors by clicking
through to learn more about their products and services.