Who is responsible for obtaining consent to sell a manufactured home with an existing lien?

Prepare for the New Mexico Manufactured Homes Salesperson Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

The broker is responsible for obtaining consent to sell a manufactured home with an existing lien because they act as the intermediary between the seller and the buyer. In real estate transactions involving properties with liens, it is crucial to ensure that all legal obligations are met before proceeding with the sale.

The broker needs to verify that the lienholder agrees to the sale, which often involves contacting the lienholder for written authorization to proceed. This ensures that the lien is either satisfied or that the buyer is made aware of the lien's existence and any implications it might have on the transaction. In this context, the broker's role includes ensuring compliance with regulatory requirements and protecting the interests of all parties involved.

While the previous owner, the seller, may have a role in initiating the process, it is ultimately the broker's responsibility to ensure that all necessary consents, including those from lienholders, are obtained before facilitating the sale. This helps maintain the integrity of the transaction and ensures a smooth transfer of ownership. The buyer typically does not handle these obligations directly, as their focus is often on negotiating the terms of the purchase rather than clearing any existing liens.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy