Land Contract Attorneys in Flint
Experienced Guidance on Michigan Land Contract Matters
Real estate contracts can be extremely complex and difficult to navigate, especially if you do not have an in-depth understanding of the field of real estate law. When you have to make a decision or go to court about any contractual issue, you need to have an experienced Flint real estate litigation attorney on your side.
At CFlegal, PC., we understand the various problems that may arise and we are here to assist you. We are highly trained and experienced in the field of real estate law and litigation, providing you with the representation you need.
Understanding Land Contracts in Michigan
A land contract represents an agreement between buyer and seller. In this agreement, while the buyer purchases the property, the seller continues to own the title of the property until meeting the contract's terms. Michigan land contracts must be in writing to be enforceable.
During this time, sellers will continue to pay the mortgage and taxes on said property. The buyer would have use of the property as according to the contract. Buyers would be required to maintain it as an owner would.
Sellers can set aspects to a land contract such as down payments, interest rates and installments. They can also set stipulations in the contract, including a termination clause should the buyer damage or neglect the property.
Some benefits to land contracts for property include:
- Tax advantages for the seller in receiving installments vs a lump sum payment
- Regular revenue through the buyer's usage payments
- Potential ease of sale for the property compared to a traditional real estate sale
- The option to take back the property through forfeiture if the buyer fails to pay
Our land contract attorneys can go over your options and help determine if a land contract is the best option for your property sale.
Handling Foreclosures & Forfeitures Proceedings
If a buyer reneges on their land contract and you are the seller, you may be able to pursue foreclosure or forfeiture as a legal remedy. Both of these processes can be quite complex, each having its own advantages and disadvantages.
Forfeiture is considered to be easier, more cost-effective, and more efficient. Foreclosure may be more costly and time-consuming, but it can help if you are interested in a deficiency judgment if the buyer is delinquent. Our Genesee County real estate attorney and legal team can help you to make a decision.
Contact our team today to learn more about how we can assist you.
We are here to answer all of your questions, analyze your options, and discuss the possibilities of settlement. Arrange for a free consultation at CFlegal, PC.
If you are interested in setting up an appointment with our Flint real estate attorneys to discuss your individual matter, call our office now at (810) 292-3115.
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