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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 45990
Experience:  Attorney with 29 years of experience.
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I am planning on selling my RV and will do owner financing.

Customer Question

I am planning on selling my RV and will do owner financing. The purchaser must submit an application for title and registration and I will be listed as a lien holder, which says that I will hold the title until the lien is satisfied. Are there different types of lien holders, if so what are they. What type of contract should I be preparing? A promissary Note, Sales Contract or what.

What else should I be doing to protect my interests?

The vehicle is located in Virginia, but will probably be registered in the State of Florida. The vehicle is currently registered in Florida.
Submitted: 5 years ago.
Category: Legal
Expert:  Richard replied 5 years ago.

Hi there....What you will want to do is the following: 1) Bill of Sale evidencing the sale; 2) Promissory Note evidencing the amount the buyer will owe you and the payment terms: 3) Security Agreement evidencing the security interest granted you in the RV to secure the promissory note; and 4) UCC-1 to be filed with the Virginia and Florida Secretary's of State which puts the public on notice of the security interest in the RV.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard, Attorney
Category: Legal
Satisfied Customers: 45990
Experience: Attorney with 29 years of experience.
Richard and 14 other Legal Specialists are ready to help you
Customer: replied 5 years ago.

Please explain CCU and give me a little more info on the security agreement

Customer: replied 5 years ago.
Please explain UCC-1 and a little more on the security agreement
Expert:  Richard replied 5 years ago.

The UCC-1 is a standard form....the UCC stands for the Uniform Commerical Code...and it is the form that the Uniform Commerical Code provides is to be filed to effectively qualify as notice to the public that there is a lien on the RV. This prevents the buyer of the RV from selling the RV without telling the prospective buyer that you have a lien on it.

 

The Security Agreement is an agreement that is used to evidence a lien on the RV which is the equivalent to a Deed of Trust which is used when real property is involved.

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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