Fla. Admin. Code Ann. R. 69V-50.007 - Contracts for Purchase of Mobile Homes in Conjunction with Real Estate Transactions
(1) When a
mobile home or trailer is sold on a motor vehicle Retail installment sales
contract, as defined by Section
520.02, F.S., and such sale is
in conjunction with a sale of real property on an installment sales contract or
agreement for deed, and the terms of such dual sale are combined into one (1)
contract or agreement, no part of the terms of sale or the usual and customary
closing cost in conjunction with the real estate sale contract shall be
combined with the terms of sale and the closing cost permitted under Part I of
Chapter 520, F.S., with regard to the motor vehicle sales contract. The terms
and conditions of the sale and such closing cost in connection with the sale of
the real property shall be itemized and separately stated; and the terms of
sale and closing cost in connection with the sale of the mobile home or trailer
shall be separately stated, except that the aforesaid terms and cost may be
combined in order to arrive at a total cost or indebtedness.
(2) Nothing in subsection (1), above, shall
prohibit the terms and costs pertaining to the sale of real estate from being
on a separate real estate contract nor the terms and costs pertaining to the
sale of a mobile home or trailer from being on a separate motor vehicle retail
installment sales contract.
(3) The
selling price plus closing cost and interest or finance charges on such
transaction may be combined into one note and mortgage securing the total
indebtedness, provided that the provisions of subsection (1), are complied
with.
(4) It is the intent of this
rule to assure that the closing cost and finance charges permitted under Part I
of Chapter 520, F.S., shall be limited to or computed only on that portion of
the contract terms as are directly related to the sale of a motor vehicle as
defined by Section 520.02, F.S.
(5) Nothing in this rule shall be construed
to avoid compliance by any seller with any other laws, state or federal, which
may be applicable to such transactions.
Notes
Rulemaking Authority 520.994(5) FS. Law Implemented 520.07, 520.08 FS.
New 10-21-75, Formerly 3D-50.07, 3D-50.007.
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