An option is a contract to purchase the right for a certain time, by election, to purchase property at a stated price. An option may be a right to purchase property or require another to perform upon agreed-upon terms. By purchasing an option, a person is paying for the opportunity to elect or "exercise" the right for the property to be purchased or the performance of the other party to be required. "Exercise" of an option normally requires notice and payment of the contract price. The option will state when it must be exercised, and if not exercised within that time, it expires. If the option is not exercised, the amount paid for the option is not refundable. Someimes an option is the right to renew a contract, such as a lease or some other existing business relationship. A "lease-option" contract provides for a lease of property with the right to purchase the property during or upon expiration of the lease.
Michigan Notice to Lessor Exercising Option to Purchase
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How to fill out Michigan Notice To Lessor Exercising Option To Purchase?
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FAQ
Lease-option contracts give you the right to buy the home when the lease expires, while lease-purchase contracts require you to buy it. You pay rent throughout the lease, and in some cases, a percentage of the payment is applied to the purchase price.
Michigan PIP benefits will pay for your medical bills and lost wages after you've been injured in a car accident. Guaranteed by the No-Fault law, PIP benefits are paid regardless of whether you were at-fault. They are paid by your own auto insurance company, which means you don't have to sue the at-fault driver.
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Commercial and Individual members In general, if you are under an employer-sponsored or Individual health plan that covers auto injuries and has an individual deductible of $6,000 or less, your health coverage qualifies and you can opt out of PIP.
