Blank Michigan Tr 122 Form

1. What is the purpose of the Michigan TR 122 form?

   The Michigan TR 122 form serves as a Uniform Surety Bond for manufactured homes. It is a requirement for individuals applying for a Certificate of Manufactured Home Ownership when there is no clear record of ownership. This bond protects the Michigan Department of Licensing and Regulatory Affairs and any interested parties from potential losses related to the manufactured home.

2. Who needs to sign the TR 122 form?

   The TR 122 form must be signed by two parties: the applicant, referred to as the "Principal," and a representative from the surety company. The applicant can be an individual, partnership, firm, or corporation, and must provide their complete residence or business address. The surety company must be licensed by the Michigan Department of Licensing and Regulatory Affairs, and a duly authorized agent from the company must issue and sign the bond.

3. How is the bond amount determined?

   The amount of the surety bond must equal twice the value of the manufactured home. This requirement is in place to ensure adequate coverage for potential claims that may arise during the ownership transfer process. It is important for applicants to accurately assess the value of their manufactured home to determine the correct bond amount.

4. What happens if no claims are made against the bond?

   The surety bond is issued for a period of five years. If no claims are made during this time, the bond will be returned to the applicant at the end of the five-year term. However, if there are pending actions to recover on the bond, it will not be returned until those matters are resolved.

5. How does one file the TR 122 form?

   To file the TR 122 form, the applicant must submit it along with their application for the Certificate of Manufactured Home Ownership to the Michigan Department of State. The effective date of the bond must align with the date of the application. It is crucial to ensure that all signatures are in place and that the surety company is licensed to avoid delays in the application process.

Filling out the Michigan TR 122 form can be straightforward, but many people make common mistakes that can delay their application. One frequent error is leaving out important details. Applicants often forget to include their complete residence or business address. This information is crucial as it helps the Michigan Department of Licensing and Regulatory Affairs verify the identity and location of the applicant. Missing this detail can lead to unnecessary complications.

Another common mistake is not correctly identifying the surety company. The form requires that the surety company be licensed by the Michigan Department of Licensing and Regulatory Affairs. If applicants use an unlicensed company, the bond will not be valid. Always double-check that the surety company is properly licensed before submitting the form. This ensures that the bond will be accepted without issue.

People also often overlook the signature requirements. Both the applicant and a representative from the surety company must sign the bond. If either signature is missing, the application will be considered incomplete. It’s a simple step, but one that can cause significant delays. Make sure to review the form to confirm that all necessary signatures are in place.

Lastly, applicants sometimes fail to provide the correct bond amount. The bond must equal twice the value of the manufactured home. If the amount is incorrect, it can lead to rejection of the application. Take the time to assess the value accurately to avoid this mistake. By being attentive to these details, applicants can streamline the process and avoid unnecessary setbacks.

The Michigan Tr 122 form is a crucial document for anyone looking to obtain a Certificate of Manufactured Home Ownership. Alongside this form, several other documents may be necessary to ensure a smooth application process. Below is a list of forms and documents commonly used in conjunction with the Michigan Tr 122.

• Michigan Title Application (TR-11): This form is used to apply for a title for a manufactured home. It requires information about the owner, the home, and any liens against the property.
• Certificate of Title: Once the application is approved, this document serves as proof of ownership. It includes details such as the owner's name, the home’s serial number, and any existing liens.
• Bill of Sale: This document outlines the sale of the manufactured home from the seller to the buyer. It includes the purchase price and details about the home, which are essential for establishing ownership.
• Affidavit of Ownership: This sworn statement is often required when there is no clear title or when the title has been lost. It confirms the applicant's claim to ownership of the manufactured home.
• Proof of Insurance: Some jurisdictions require proof that the manufactured home is insured before issuing a title. This document provides evidence of active insurance coverage.
• Identification Documents: Valid identification, such as a driver’s license or state ID, is typically required to verify the identity of the applicant.
• Surety Company License: A copy of the surety company's license may be needed to confirm that the company is authorized to issue bonds in Michigan.
• Release of Lien: If there are existing liens on the manufactured home, a release document from the lienholder must be provided to clear the title.
• Inspection Report: In some cases, an inspection report may be required to verify the condition of the manufactured home before a title can be issued.

Gathering these documents will help streamline the process of obtaining your Certificate of Manufactured Home Ownership in Michigan. Ensure that all information is accurate and complete to avoid delays in your application.

The Michigan TR 122 form serves as a Uniform Surety Bond for Manufactured Homes, which is essential for applicants seeking a Certificate of Manufactured Home Ownership. This document has similarities with several other legal documents that also serve to secure obligations or guarantee certain conditions. Here are four documents that share characteristics with the TR 122 form:

• Surety Bond: A general surety bond functions similarly to the Michigan TR 122 by ensuring that a principal fulfills their obligations to a third party. Like the TR 122, it involves three parties: the principal, the surety, and the obligee, and it provides financial protection against default.
• Performance Bond: This document is often used in construction projects to guarantee that a contractor will complete the work as specified in the contract. Much like the TR 122, a performance bond protects the project owner from financial loss if the contractor fails to meet their obligations.
• License Bond: A license bond is required by some state agencies to ensure that businesses comply with regulations. Similar to the TR 122, it serves as a financial guarantee that the business will adhere to applicable laws and regulations, protecting consumers and the state.
• Indemnity Bond: An indemnity bond protects one party from losses or damages caused by another party's actions. This is akin to the TR 122, which indemnifies the Michigan Department of Licensing and Regulatory Affairs against any claims arising from the issuance of a Certificate of Manufactured Home Ownership.

When filling out the Michigan TR-122 form, consider the following dos and don'ts to ensure a smooth process.

• Do provide accurate and complete information about the manufactured home, including the year, make, serial number, and size.
• Do ensure that the bond amount is at least twice the value of the manufactured home.
• Do have both the applicant and the surety company representative sign the form.
• Do verify that the surety company is licensed by the Michigan Department of Licensing and Regulatory Affairs.
• Do include the effective date of the bond, which should match the application date for the title.

• Don't leave out any required signatures or printed names on the form.
• Don't submit the bond without confirming that it has been issued by a duly authorized agent of the surety company.
• Don't forget that the bond is valid for five years; if no claims are made, it will be returned at that time.
• Don't use an outdated version of the form; ensure you have the latest TR-122 form.
• Don't neglect to provide your complete residence or business address as the applicant.

• Misconception 1: The Michigan TR-122 form is only for individuals.

This form can be used by individuals, partnerships, firms, or corporations. It accommodates various types of applicants, not just individuals, allowing a broader range of entities to apply for a Certificate of Manufactured Home Ownership.

• Misconception 2: The bond amount is fixed and does not vary.

In reality, the bond amount must equal twice the value of the manufactured home. This means the bond amount can vary significantly based on the home's assessed value, ensuring adequate coverage for potential claims.

• Misconception 3: The surety bond is only valid for one year.

The surety bond is actually issued for a duration of five years. If no claims are made against it during this period, the bond will be returned to the applicant, providing peace of mind regarding ownership issues.

• Misconception 4: Only the applicant needs to sign the bond.

Both the applicant and a representative from the insurance company or bonding agency must sign the bond. This requirement ensures that all parties involved are aware of their responsibilities and liabilities.

• Misconception 5: The bond can be submitted at any time during the application process.

The effective date of the bond must coincide with the date of the application for the title. Submitting the bond at the correct time is crucial for a smooth application process and to meet regulatory requirements.

When filling out and using the Michigan TR 122 form, there are several important points to keep in mind:

• Purpose of the Form: The TR 122 form is required to apply for a Certificate of Manufactured Home Ownership when ownership is not clearly established.
• Bond Amount: The bond must equal twice the value of the manufactured home, ensuring sufficient coverage.
• Signatures Required: Both the applicant and a representative from the surety company must sign the bond. The applicant is referred to as the "Principal."
• Surety Company Licensing: The surety company must be licensed by the Michigan Department of Licensing and Regulatory Affairs, and a duly authorized agent must issue the bond.
• Effective Date: The bond's effective date should be on or before the date of the application for the title to ensure compliance.
• Duration of the Bond: The surety bond is valid for five years. If no claims are made during this period, the bond will be returned by the department.

Understanding these key aspects can help ensure a smooth application process for your manufactured home ownership certificate.