Grand Rapids Michigan Discharge of Real Estate Retention Agreement (Married Couple)

• Category: Michigan Releases and Waivers
• State: Michigan
• City: Grand Rapids
• Control #: MI-LR054T
• Format: Word; Rich Text

Description

This form discharges the retention agreement entered into by a married couple. This original agreement is recorded as a lien against the property for which assistance is provided. The Grand Rapids Michigan Discharge of Real Estate Retention Agreement (Married Couple) is a legally binding document that allows a married couple to release their interest in a real estate property, essentially relinquishing any claims or rights they may have had. This agreement is commonly used when one spouse wants to remove themselves from the ownership of the property, typically due to a divorce or separation. In this agreement, the married couple is referred to as the "Granters" and the person or party gaining sole ownership of the property is known as the "Grantee." The agreement outlines the details of the property, including its legal description, address, and any relevant property identification numbers. A Grand Rapids Michigan Discharge of Real Estate Retention Agreement typically includes the following key provisions: 1. Parties involved: The agreement clearly identifies the Granters and Grantee, ensuring that all individuals involved are properly named and identified. 2. Property details: The agreement provides a detailed description of the property being transferred, such as the legal description, address, and property identification numbers. This information ensures the accurate identification of the property. 3. Consideration: The agreement may state any consideration, which is the value or payment exchanged between the Granters and Grantee as part of the agreement, if applicable. 4. Release and discharge: This section specifies that the Granters release and discharge any claim or interest they may have had in the property, allowing the Grantee to assume sole ownership. 5. Mutual obligations: The agreement may outline any mutual obligations, such as the division of property-related expenses, mortgage payments, or other financial agreements between the Granters and Grantee. 6. Legal representation: Both parties may agree to seek independent legal counsel to ensure that their respective interests are represented and protected throughout the execution of the agreement. It is important to note that while this description covers the basic elements of a Grand Rapids Michigan Discharge of Real Estate Retention Agreement, there may be different variations or specific agreements tailored to suit individual circumstances. The agreement can be modified based on the needs and desires of the parties involved and may vary due to factors such as property type or tax implications. Overall, this legally binding agreement provides married couples the opportunity to transfer property ownership rights and release any associated claims or interests.

The Grand Rapids Michigan Discharge of Real Estate Retention Agreement (Married Couple) is a legally binding document that allows a married couple to release their interest in a real estate property, essentially relinquishing any claims or rights they may have had. This agreement is commonly used when one spouse wants to remove themselves from the ownership of the property, typically due to a divorce or separation. In this agreement, the married couple is referred to as the "Granters" and the person or party gaining sole ownership of the property is known as the "Grantee." The agreement outlines the details of the property, including its legal description, address, and any relevant property identification numbers. A Grand Rapids Michigan Discharge of Real Estate Retention Agreement typically includes the following key provisions: 1. Parties involved: The agreement clearly identifies the Granters and Grantee, ensuring that all individuals involved are properly named and identified. 2. Property details: The agreement provides a detailed description of the property being transferred, such as the legal description, address, and property identification numbers. This information ensures the accurate identification of the property. 3. Consideration: The agreement may state any consideration, which is the value or payment exchanged between the Granters and Grantee as part of the agreement, if applicable. 4. Release and discharge: This section specifies that the Granters release and discharge any claim or interest they may have had in the property, allowing the Grantee to assume sole ownership. 5. Mutual obligations: The agreement may outline any mutual obligations, such as the division of property-related expenses, mortgage payments, or other financial agreements between the Granters and Grantee. 6. Legal representation: Both parties may agree to seek independent legal counsel to ensure that their respective interests are represented and protected throughout the execution of the agreement. It is important to note that while this description covers the basic elements of a Grand Rapids Michigan Discharge of Real Estate Retention Agreement, there may be different variations or specific agreements tailored to suit individual circumstances. The agreement can be modified based on the needs and desires of the parties involved and may vary due to factors such as property type or tax implications. Overall, this legally binding agreement provides married couples the opportunity to transfer property ownership rights and release any associated claims or interests.