Real property
Also called: real estate, realty
Land and anything permanently affixed to it, including a manufactured home that has been properly converted.
Real property means land plus permanent improvements. A manufactured home becomes real property when it is placed on a permanent foundation on land the owner holds, and the state's conversion process is completed, usually by surrendering the vehicle-style title and recording the home with the deed.
Converting to real property is often the single most valuable financial step available to a manufactured-home owner. It typically opens conventional mortgage financing, standard homeowners insurance, and appraisal against site-built comparables, and it changes how the home is taxed.
The process and its requirements vary considerably by state, and the paperwork is easy to get wrong. Confirm the specifics with a real-estate attorney or your county recorder rather than assuming.
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- Personal property, Property that is not land or permanently attached to it. A manufactured home on a leased lot is normally personal property.
- Title, The ownership document for a manufactured home held as personal property, issued much like a vehicle title.
- Chattel loan, A loan secured by the home itself as personal property, rather than by real estate, the most common way manufactured homes are financed.
- Land lease, An arrangement where you own the home but rent the ground it sits on, paying monthly lot rent.