Autofill Legal Michigan Contract For Deed Forms For Free

The Michigan land contract process is as follows: Most land contracts will require the buyer to make a down payment of 10% or more of the purchase price. Then, the seller will have to make installment payments for a set period of time. The terms can vary, but most agreements are between two and four years.

Also termed an installment land contract, a land contract, or a land sales contract. Contract for deed can be considered a special type of real estate contract in which the seller provides funds to the buyer to purchase the property at an agreed purchase price and the buyer repays the loan in installments.

So whether a seller selling a property on a land contract actually triggers due-on-sale provisions is debatable, since the land contract purchaser does not obtain title until they pay off the contract. Therefore, memorandums of a land contract are recorded in the county to put the world on notice of a transaction.

A contract for deed, also known as a "bond for deed," "land contract," or "installment land contract," is a transaction in which the seller finances the sale of his or her own property. In a contract for deed sale, the buyer agrees to pay the purchase price of the property in monthly installments.

A contract for deed (sometimes called an installment purchase contract or installment sale agreement) is a real estate transaction in which the purchase of the property is financed by the seller rather than a third party such as a bank, credit union or other mortgage lender.

Depending on the legal or common real estate terminology in your area, you may see these types of deals referred to as either land contracts, installment land contracts, land sale contracts, contracts for deed, memorandums of contract, real estate contracts or bonds for title.