A Michigan Forfeiture Notice, Land Contract is a legal document used in the state of Michigan that outlines the terms and conditions of a land contract agreement. It is filed with the county register of deeds when a buyer and seller enter into a land contract agreement. The Forfeiture Notice protects both parties in the event of a default by either party. It includes information such as the buyer’s and seller’s names, the property address, the purchase price, the terms of the contract, and the date of the contract. It also includes a statement of forfeiture, which details the rights of the seller if the buyer defaults on the contract. There are two types of Michigan Forfeiture Notice, Land Contract: an Affidavit of Forfeiture and an Order of Forfeiture. An Affidavit of Forfeiture is used when a buyer defaults and the seller wants to keep the down payment made by the buyer. An Order of Forfeiture is used when the buyer defaults and the seller wants to reclaim the property.
Michigan Forfeiture Notice, Land Contract
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FAQ
What is the disadvantage of a forfeiture clause to the buyer? The seller can end the contract and take possession of the property.
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.
The seller regains possession of the property and retains any money the buyer has remitted if the buyer does not fulfill his financial obligations as stipulated in the land contract.
Filing the Lawsuit WHEN COMING TO THE COURT TO FILE A LAND CONTRACT SUIT, YOU MUST BE PREPARED TO BRING THE FOLLOWING: 3 copies of the Forfeiture Notice which was previously served upon the Defendant. 3 copies of the Land Contract. A $55.00 filing fee (cash or money order only).
If a judgment of possession is granted, the buyer has 90 days to redeem the property if less than 50% of the purchase price has been paid or 6 months to redeem if 50% or more of the purchase price has been paid. The redemption amount is the amount that is past due. MCL 600.5744(4).
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.