Michigan Dedication of Land to General Public Land with Plat Attached
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How to fill out Dedication Of Land To General Public Land With Plat Attached?
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FAQ
A buyer and seller both signed the land contract and that land contract covers certain provisions in the terms and conditions of the sale and when those terms are satisfied and all the conditions are met, including payment of the purchase price over a certain period, then the legal title of the property transfers from ...
109. (1) A municipality shall approve or disapprove a proposed division within 45 days after the filing of a complete application for the proposed division with the assessor or other municipally designated official.
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.
AN ACT to regulate the division of land; to promote the public health, safety, and general welfare; to further the orderly layout and use of land; to require that the land be suitable for building sites and public improvements and that there be adequate drainage of the land; to provide for proper ingress and egress to ...
Land contract cons. Higher interest rates ? Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear ? The seller retains the property title until the land contract is paid in full.
Yes, sellers pay closing costs in Michigan (and every state). Sellers are on the hook for a number of expenses, including real estate commissions, one of the heftiest costs associated with any real estate transaction.
A statutory formula in Section 108 specifies the maximum number of splits that are permitted from a ?parent parcel? without platting. Bonus lots are permitted for shared access and preservation of open space. Minimum standards for lot size, width-to-depth ratio and relationship to access are provided by statute.
The redemption period is 90 days if the buyer has paid less than 50% of the land contract. If the buyer has paid 50% or more of the land contract, the redemption period is six months. The seller can't evict the buyer until after the redemption period is over.
