Term : Transportable Residential Home
For the purposes of this instruction only, a transportable
residential home is a small to medium sized single dwelling that is
manufactured in a workshop in two or more parts and has the
following features :
- designed for permanent domestic occupation (either owner
occupied or tenanted)
- affixed on a site for which there is an individual
certificate of title or conveyance
- affixed on fixed foundations or secured to concrete pads
(not bolted) and is considered to be a permanent fixture
- requires more than 24 hours to join in sections together and
to connect the building to available services (eg. electricity,
water).
Releasing Funds
The table below can be used to determine when credit facilities
may be funded against the security of a mortgage over real property
upon which a transportable home is to be, or has been, affixed.
| If the building is... |
then funds cannot be released until... |
| an existing and fully installed
transportable home |
- all applicable documentary procedures have been
completed and documents signed, including the statement
of permanent fixture.
|
| a transportable home to be installed |
- all applicable documentary procedures have been
completed and documents signed, including the statement
of permanent fixture.
- it has been confirmed by inspection of the site that
the building is fully installed (ie. placed on fixed
foundations or secured to concrete pads (not bolted))
and services connected.
|
| a mobile home |
- all applicable documentary procedures have been
completed and documents signed.
Note : This is because the security lending margin
is calculated on the land value only. |
|
