Florida Regulations 69V-50.007: Contracts for Purchase of Mobile Homes in Conjunction with Real Estate Transactions
Current as of: 2024 | Check for updates
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(1) When a mobile home or trailer is sold on a motor vehicle Retail installment sales contract, as defined by Florida Statutes § 520.02, and such sale is in conjunction with a sale of real property on an installment sales contract or agreement for deed, and the terms of such dual sale are combined into one (1) contract or agreement, no part of the terms of sale or the usual and customary closing cost in conjunction with the real estate sale contract shall be combined with the terms of sale and the closing cost permitted under Part I of Florida Statutes Chapter 520, with regard to the motor vehicle sales contract. The terms and conditions of the sale and such closing cost in connection with the sale of the real property shall be itemized and separately stated; and the terms of sale and closing cost in connection with the sale of the mobile home or trailer shall be separately stated, except that the aforesaid terms and cost may be combined in order to arrive at a total cost or indebtedness.
(2) Nothing in subsection (1), above, shall prohibit the terms and costs pertaining to the sale of real estate from being on a separate real estate contract nor the terms and costs pertaining to the sale of a mobile home or trailer from being on a separate motor vehicle retail installment sales contract.
(3) The selling price plus closing cost and interest or finance charges on such transaction may be combined into one note and mortgage securing the total indebtedness, provided that the provisions of subsection (1), are complied with.
(4) It is the intent of this rule to assure that the closing cost and finance charges permitted under Part I of Florida Statutes Chapter 520, shall be limited to or computed only on that portion of the contract terms as are directly related to the sale of a motor vehicle as defined by Florida Statutes § 520.02
(5) Nothing in this rule shall be construed to avoid compliance by any seller with any other laws, state or federal, which may be applicable to such transactions.
Rulemaking Authority Florida Statutes § 520.994(5). Law Implemented 520.07, 520.08 FS. History-New 10-21-75, Formerly 3D-50.07, 3D-50.007.
Terms Used In Florida Regulations 69V-50.007
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(3) The selling price plus closing cost and interest or finance charges on such transaction may be combined into one note and mortgage securing the total indebtedness, provided that the provisions of subsection (1), are complied with.
(4) It is the intent of this rule to assure that the closing cost and finance charges permitted under Part I of Florida Statutes Chapter 520, shall be limited to or computed only on that portion of the contract terms as are directly related to the sale of a motor vehicle as defined by Florida Statutes § 520.02
(5) Nothing in this rule shall be construed to avoid compliance by any seller with any other laws, state or federal, which may be applicable to such transactions.
Rulemaking Authority Florida Statutes § 520.994(5). Law Implemented 520.07, 520.08 FS. History-New 10-21-75, Formerly 3D-50.07, 3D-50.007.