Act 140 is now in Effect
Act 140, entitled "An act relating to transfers of mobile homes and rent-to-own transactions" was passed last legislative session with an effective date of September 1, 2010.
One of the provisions of the Act is a new Bill of Sale form. Among other things the new BOS requires sellers to disclose known defects and known encumbrances.
A template BOS for your use will be posted to our website shortly.
Click here for a copy of the Act. Click here for a summary of the Act.
The Act also covers "rent to own" agreements. The statute requires a written retail installment contract that complies with T9, Chapter 59 and a mobile home uniform bill of sale. Further, for mobile homes that are not financed or conveyed as real property, the statute makes clear that the sale of a mobile home is a sale of goods under 9A V.S.A. Article 2.
If you have any questions about the Act, please call the VATC office. Thank you.
Andy
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