Insert Pages To Legal Michigan Home Sale Forms For Free

If you are selling a home without a realtor, you may need a For Sale By owner Contract. However, many FSBO sellers are not aware of this term itself. Usually, the real estate agent is responsible for writing the purchase agreement. But in case you forego using an agent, you can create your own sales contract.

MCL 600.5726. If there is a default (buyer fails to pay the installments due under the contact or breaches the contract), seller may seek to retake the possession of the property through the forfeiture process. First, the seller must serve a written notice of the forfeiture upon the buyer.

Often times, no further payments are made to the vendor. Following the expiration of the 90/180 day redemption period, if the vendee again fails to make the payments, the vendor must again return to court to obtain a writ and engage a court officer to serve the writ.

Most land contracts have a forfeiture clause. A forfeiture clause usually says that if the buyer breaches the contract, the seller can keep all money paid to it. The seller can also take back possession of the home. The seller cannot forfeit the contract without a forfeiture clause.

In forfeiture, the seller cannot accelerate the debt. Therefore, the vendee can cure by paying the past-due monthly payments. If the seller wants to terminate the land contract and evict a vendee in chronic default in a foreclosure, the seller can accelerate the debt, making it harder for the tenant to cure.

Under a typical Michigan land contract, purchasers also immediately obtain Page 2 2 Equitable title while Legal title remains with the seller.