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I have a cabin on leased land. It is a new construction and…

Customer Question
I have a cabin on...
I have a cabin on leased land. It is a new construction and I want to show ownership so I can use it as collateral. How do I do that?
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 3 minutes by:
4/1/2010
Real Estate Lawyer: lwpat, Attorney replied 8 years ago
lwpat
lwpat, Attorney
Category: Real Estate Law
Satisfied Customers: 25,387
Experience: Practicing attorney with expertise in easements
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Did you have the cabin built? Are you asking about a bank loan? Who is the proeprty leased from?
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Customer reply replied 8 years ago
Yes, I had the cabin built. There was a mobile home there previously that we demolished and decided to stick build another mobile home, however, it cant be classified as mobile so there is not title. I just need a way to show that my wife and I have ownership so I can use it for collateral and to protect ourselves. The cabin is in a mobile home park, the land is leased from a local business owner in Lansing Iowa.
Real Estate Lawyer: lwpat, Attorney replied 8 years ago
Since you do not have title to the land there is no way to show that you have title to the property other than the contract to build and the checks used to pay the contractor. You can get an agreement with the land owner if he will sign that you are the owner of the cabin but without owning the property I know of no way that you can use is as collateral. Sorry.
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Customer reply replied 8 years ago
I talked to a local lawyer and the stated that I need to file an affidavit explanitory of title. What will this do?
Real Estate Lawyer: lwpat, Attorney replied 8 years ago
You may want to go back to that attorney. Here is a typical affidavit. In order to record it you have to have it notarized and witnessed but I don't know if this will do what you want and it is simply a form to use as a guide and is general information only

STATE OF___________________________

RE

COUNTY OF_____________________

ON THE _________ DAY OF ___________ A. D. 2010 before me, the undersigned officer, personally appeared the undersigned, who being duly sworn according to law and intending to be legally bound, depose (s) and say (s):

1.

That there are no mortgages, encumbrances, easements, bankruptcies, judgments, or pending suits adversely affecting the owner and the said premises which are known to the undersigned which are not being properly provided for in this transaction.

2.

That the _________ attached to said premises has been paid for in full; and that there are no outstanding or disputed claims for any such work or item and that Deponent is the Owner of said _____________.

3.

That ________ is in actual possession of the entire premises and there are no leases or agreements affecting the premises or any part thereof outstanding other than:_________________________________________

4.

That _______ has not received notice of any special assessments.

This affidavit is made for the purpose of inducing ______________________. Deponent (s) aver (s) the foregoing statements are true and correct to the best of his/her knowledge and belief.

SWORN TO AND SUBSCRIBED BEFORE ME,

the day and year Aforesaid.

By: _____________________________(seal)

Affiant

lwpat
lwpat, Attorney
Category: Real Estate Law
Satisfied Customers: 25,387
Experience: Practicing attorney with expertise in easements
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