Manufactured Rider Form

What is the Manufactured Rider?

The manufactured home rider is a legal document that modifies a mortgage or deed of trust to include a manufactured home as part of the property securing the loan. This rider is essential for lenders and homeowners to ensure that the manufactured home is treated as real property, allowing it to be financed or refinanced under the same terms as traditional homes. It typically includes details about the home, such as its make, model, and serial number, ensuring clarity in ownership and financing terms.

How to use the Manufactured Rider

To effectively use the manufactured home rider, homeowners must attach it to their existing mortgage documents. This process involves filling out the rider with specific information about the manufactured home, such as its location and identification details. Once completed, the rider must be signed by all parties involved, including the borrower and the lender. By doing so, the manufactured home is legally recognized as part of the property, which is crucial for securing loans and ensuring compliance with local regulations.

Steps to complete the Manufactured Rider

Completing the manufactured home rider involves several clear steps:

1. Gather necessary information about the manufactured home, including its make, model, and serial number.
2. Obtain a copy of the existing mortgage or deed of trust to reference during completion.
3. Fill out the manufactured home rider form, ensuring all details are accurate and complete.
4. Review the completed rider with all parties involved to confirm agreement on the terms.
5. Sign the rider in the presence of a notary, if required, to ensure its legal validity.
6. Attach the signed rider to the original mortgage documents and keep copies for personal records.

Legal use of the Manufactured Rider

The legal use of the manufactured home rider is governed by state laws that dictate how manufactured homes are treated in relation to real property. It is essential for homeowners to understand these laws to ensure compliance. The rider must be executed properly to be enforceable, meaning it should be signed, dated, and recorded with the appropriate local authority. Failure to adhere to these legal requirements can result in complications regarding ownership and financing.

Key elements of the Manufactured Rider

Key elements of the manufactured home rider typically include:

• Identification of the manufactured home: Details such as make, model, and serial number.
• Legal description of the property: A clear description of the land where the home is located.
• Borrower and lender information: Names and addresses of all parties involved in the mortgage.
• Terms of the mortgage: Specifics about the loan, including interest rates and repayment terms.
• Signatures: Required signatures from the borrower and lender to validate the document.

Examples of using the Manufactured Rider

Examples of using the manufactured home rider include scenarios where homeowners wish to refinance their existing mortgage to take advantage of lower interest rates or to access equity in their home. Additionally, when purchasing a new manufactured home, buyers often need to include the rider to ensure that the home is recognized as part of the real estate transaction. This documentation helps protect the rights of both the homeowner and the lender, facilitating smoother transactions.