The biggest fork in the road is whether you’ll own the ground under the home. It changes the title, the loan, the taxes and the approvals.
- Home with land
- If the home is on a permanent foundation on land you own, it can be part of the real estate: deed, title insurance and a regular mortgage. If it still has a vehicle-style title, the title can be surrendered and an affidavit of affixation recorded.
- Home on a leased lot
- The home is usually personal property with a certificate of title through Minnesota Driver and Vehicle Services. Financing is often a home-only (chattel) loan or cash, and you’ll pay monthly lot rent.
- Approvals
- Parks and communities usually approve new residents and have rules on pets, sheds, rentals and home age. Make the offer contingent on approval and on reviewing the lot lease.
- Property taxes
- A home affixed to land you own is taxed as real property. A home on leased land is taxed as personal property, and homestead must be requested by May 29 of the assessment year.