In the world of housing, there are different terms that can easily confuse buyers and sellers. Here's a simple breakdown of the differences between traditional real estate and manufactured / mobile homes on lease land (also known as “chattel property”). Buying a mobile home in a community is a different transaction than a real estate purchase, so it’s important to understand differences that may affect the sale and purchase of your next home. What is real estate?
There's a Latin phrase that says: “quicquid plantur solo, solo cedit,”
meaning anything that is fixed to the land becomes part of the land. Real property (real estate) is exactly that--a home that is built on the land and is permanently affixed by a foundation, which can only be removed through an act of severance. This includes land, anything that is built on the land, and things that are growing on the ...Continue Reading