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A land contract is a contract between a buyer and private seller for real property that has a home on it. With a land contract, the buyer does not get full ownership of the property. The buyer is an owner, but they only get “equitable title” of the property. Equitable title is the right to obtain full ownership of property.
A Michigan real estate contract, sometimes called a residential real estate purchase and sale agreement, is a contract between a party selling property and a party who is offering to purchase the property. The contract is typically drafted by the buyer’s realtor or real estate attorney after the buyer makes an offer.
What Distinguishes Land Contracts in Michigan? There are some basic principles that distinguish Michigan land contracts from purchase agreements and/or land contracts used in other states. In many respects, Michigan land contracts are more like a mortgage than a purchase contract. This is because they typically grant purchasers immediate ...
Apr 17, 2022 · A land contract in Michigan grants buyers an equitable title to gain immediate control over the property. However, the legal title remains with the property owner until the fulfillment of the land contract. Furthermore, the interest rates on land contracts in Michigan cannot exceed 11%.
Dec 29, 2023 · Pros of Land Contracts in Michigan. 1. Accessibility for Buyers. Flexible Financing: Land contracts may provide opportunities for buyers who struggle to secure traditional mortgage financing, allowing them to negotiate terms directly with the seller. Quicker Access to Property: Buyers might gain quicker access to the property without meeting ...
May 12, 2023 · INTRODUCTIONIn the world of Michigan real estate transactions, few documents are as critical as the purchase agreement. This legally binding contract is the heart of every property sale, outlining the terms and conditions that dictate the transfer of property ownership. However, with its complex legal jargon and numerous clauses, the purchase agreement can be a minefield for the uninitiated ...
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Jan 18, 2020 · Land Contract. A land contract is a written legal contract or an agreement, and it’s used to purchase real estate, such as a house, an apartment building, a commercial building, or even vacant land, so long as it deals with real property. Buying or selling on a “land contract” in Michigan is a transaction involving seller financing.
