What must a dealer deliver into escrow if a purchaser assumes an existing loan on a mobilehome/manufactured home?

When a purchaser assumes an existing loan on a mobilehome or manufactured home, it is crucial for the dealer to deliver documents executed by the legal owner consenting to the assumption into escrow. This consent is essential in ensuring that the legal owner acknowledges and agrees to the transfer of the loan obligation from the seller to the buyer. Such documents typically serve as legal assurance that the loan is officially allowed to be assumed by the new purchaser, maintaining compliance with lending and ownership regulations.

Having a signed document from the legal owner also protects both the buyer and seller, as it clearly outlines the agreement and reduces the risk of future disputes regarding the loan assumption. This requirement ensures that all parties are aligned and that the transaction proceeds smoothly, reinforcing the importance of proper documentation in the sale and financing of mobilehomes or manufactured homes.