This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Michigan Contract to Sell Commercial Property with Commercial Building — Seller Financing Secured by Mortgage and Security Agreement is a legal document that outlines the terms and conditions of a sale agreement between the seller and the buyer of a commercial property. This type of contract is commonly used when the seller provides financing to the buyer for the purchase of the property, securing the loan with a mortgage and security agreement. The contract typically includes detailed provisions regarding the property being sold, including its physical details, location, and any existing leases or tenancy agreements. It also outlines the purchase price, payment terms, and the amount of financing provided by the seller. The buyer's obligations, such as making timely payments and maintaining sufficient insurance coverage, are also clearly stated. There can be various subtypes or variations of the Michigan Contract to Sell Commercial Property with Commercial Building — Seller Financing Secured by Mortgage and Security Agreement, depending on specific circumstances. Some of these variations may include: 1. Installment Sale Agreement: This type of contract allows the buyer to make payments to the seller over a specified period, usually through monthly installments, until the full purchase price is paid. 2. Balloon Payment Agreement: In this variation, the buyer makes regular payments for a predetermined period, and then a final lump-sum payment, often referred to as a "balloon payment," is due at the end of the term. 3. Lease-Purchase Agreement: This agreement combines elements of a lease and a purchase contract. The buyer leases the property from the seller for a specific period, with an option to purchase it at a later date. The seller may apply a portion of the lease payments towards the purchase price. 4. Contract for Deed: Also known as a land contract or installment land contract, the seller retains legal title to the property until the buyer pays off the purchase price in full. The buyer is considered the equitable owner with possessor rights during the repayment period. 5. Wraparound Mortgage Agreement: In this contract, the existing mortgage on the property is not paid off but remains in place. The seller provides financing for the portion of the purchase price not covered by the existing mortgage, creating a "wraparound" loan secured by a new mortgage and security agreement. It is important to consult with a qualified attorney or real estate professional experienced in commercial property transactions in Michigan to ensure that all legal requirements and considerations are addressed when drafting or reviewing these types of contracts.A Michigan Contract to Sell Commercial Property with Commercial Building — Seller Financing Secured by Mortgage and Security Agreement is a legal document that outlines the terms and conditions of a sale agreement between the seller and the buyer of a commercial property. This type of contract is commonly used when the seller provides financing to the buyer for the purchase of the property, securing the loan with a mortgage and security agreement. The contract typically includes detailed provisions regarding the property being sold, including its physical details, location, and any existing leases or tenancy agreements. It also outlines the purchase price, payment terms, and the amount of financing provided by the seller. The buyer's obligations, such as making timely payments and maintaining sufficient insurance coverage, are also clearly stated. There can be various subtypes or variations of the Michigan Contract to Sell Commercial Property with Commercial Building — Seller Financing Secured by Mortgage and Security Agreement, depending on specific circumstances. Some of these variations may include: 1. Installment Sale Agreement: This type of contract allows the buyer to make payments to the seller over a specified period, usually through monthly installments, until the full purchase price is paid. 2. Balloon Payment Agreement: In this variation, the buyer makes regular payments for a predetermined period, and then a final lump-sum payment, often referred to as a "balloon payment," is due at the end of the term. 3. Lease-Purchase Agreement: This agreement combines elements of a lease and a purchase contract. The buyer leases the property from the seller for a specific period, with an option to purchase it at a later date. The seller may apply a portion of the lease payments towards the purchase price. 4. Contract for Deed: Also known as a land contract or installment land contract, the seller retains legal title to the property until the buyer pays off the purchase price in full. The buyer is considered the equitable owner with possessor rights during the repayment period. 5. Wraparound Mortgage Agreement: In this contract, the existing mortgage on the property is not paid off but remains in place. The seller provides financing for the portion of the purchase price not covered by the existing mortgage, creating a "wraparound" loan secured by a new mortgage and security agreement. It is important to consult with a qualified attorney or real estate professional experienced in commercial property transactions in Michigan to ensure that all legal requirements and considerations are addressed when drafting or reviewing these types of contracts.
