Replace Calculations in the Land Contract and eSign it in minutes

Aug 6th, 2022
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How to Replace Calculations in the Land Contract

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its Matt Santa capital from the center Souls Houses team and I just wanted to jump on and give my two cents about something that were probably going to see happen here in the um call it coming months lets call it you know three to six months time frame now anybody who has seen some of my videos when it comes to inflation data or anything economics related I generally look to the United States obviously the reasoning there is its the worlds largest economy and as well its our number one trading partner so generally speaking whatever happens in the United States Echoes into Canada and its just because we do have to be so aligned because of how close we are um you know economically and as trading partners partners and so one of the things I wanted to talk about is a recent change that came out of the BLS which is the Bureau of Labor and statistics now its related to the CPI or inflation and most people arent really aware but the way that the inflation data has been calculated so

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In Michigan, sellers typically pay for the title and closing service fees, transfer taxes, and recording fees at closing. Optional costs for sellers include buyer incentives, pro-rated property taxes, or for an attorney. Buyers, on the other hand, pay for things like mortgage, appraisal, and inspection fees.
The calculation for statutory/contractual interest is: (Debt x interest rate x the number of days late) /365.
These are the typical terms in a land contract: Name and address of all parties. A description of the property. Acknowledgement of the person who owns the property.
A land contract is typically between two parties: the buyer sometimes referred to as the vendee and the seller, also known as the vendor. In a land contract, the seller agrees to finance the property for the buyer in exchange for the buyer meeting the terms agreed upon in the land contract.
These are the typical terms in a land contract: Name and address of all parties. A description of the property. Acknowledgement of the person who owns the property.
Interest rates cannot exceed 11% for most Michigan land contracts.
For an interest-only payment, simply multiply the amount financed by the interest rate, and divide the result by the number of installments in a year. For example, the monthly interest payment on a $200,000 land contract home with an 8% interest rate after a 10% down payment would be $1,200.
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.

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