Mark Required Fields In Legal Michigan Real Estate Forms For Free

It is in the best interest of both the seller or buyer to involve a real estate attorney like David Soble to help you navigate through the federal and state laws governing land contracts, the process and the common terms of the contract.

I am listing vacant land. Should I have my seller complete a vacant land disclosure form? Sellers of vacant land are not legally required to provide a disclosure form. Sellers who do provide vacant land disclosure forms should be cautioned against making any representations where they are unsure.

A Michigan land contract formalizes the terms governing a vacant land purchase and sale agreement between two parties. The parties must stipulate relevant legal descriptors of the land/lot as they appear on the deed as well as any financial conditions set forth through mutual negotiations.

crafted Michigan land contract, however, should go beyond those basic to include the following provisions: 1. All payment terms including down payment, remaining balance, amount of monthly installments, the interest rate, the number of years of the land contract and any specific date for a balloon payment. 2.

The terms can vary, but most agreements are between two and four years. At the end of the term, the buyer will usually have a balloon payment due before the final transfer of the property deed takes place.

A land contract purchaser is not a renter, but has partial ownership while they are making payments. The seller holds the deed until the purchase is fully paid, and the buyer has most of the other rights and responsibilities of ownership throughout the payment period. It is a legally binding agreement.