Closing on tiny houses is different, but we have you covered!
There are very few industries in the world that don’t have to learn to adapt to changing times and situations. Real estate law is one of many that is constantly changing. An example of that is adapting to the increased popularity of tiny houses. If you are venturing down the path to tiny home ownership or selling one, you will need to have a real estate lawyer who has the expertise to handle the closing for you properly. Here at Ckezepis Law, PLLC, we are knowledgeable about the differences and similarities between tiny houses and traditional residential properties.
One of the main differences to be aware of when considering tiny houses is that financing is completely different. Since tiny houses are generally mobile, many lenders look at them more like an RV than a home. You are unlikely to find the same terms as you would a traditional home. Typically, these loans have short two- to seven-year payoffs, require a higher FICO score, and charge higher interest rates. There are mortgage lenders who specialize in tiny houses, but a vast majority of transactions are cash based.
The ownership documents are different, as well. You won’t need a survey, for example, for tiny houses that aren’t being sold with land. If it is being sold with land, you need to be mindful of zoning laws, or you could face having to move your home elsewhere.
One thing with tiny houses that is similar to traditional residential real estate is that you want to be certain there are no liens or other claims against the property, so research needs to be completed. This is important whether there is land involved or not. If you have any questions about the processes involved with buying or selling tiny houses in Huntersville, North Carolina, don’t hesitate to contact us.