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Who holds the title on a land contract in Michigan?

With a land contract, the buyer does not get full ownership of the property. The buyer is an owner, but they only get \u201cequitable title\u201d of the property. Equitable title is the right to obtain full ownership of property.

What are 2 disadvantages of a contract deed?

If you fall behind on payments, the contract can be terminated and you will lose whatever equity was previously built. Furthermore, if the seller has a mortgage and defaults on their payments, you may lose the property even though your own payments to the seller are current.

Who holds the title on a land contract in Michigan?

With a land contract, the buyer does not get full ownership of the property. The buyer is an owner, but they only get \u201cequitable title\u201d of the property. Equitable title is the right to obtain full ownership of property.

Are land contracts recorded in Michigan?

A land contract is not legally required to be recorded in Michigan. However, both the buyer and the seller may wish to record the contract to protect their interests in the property. Make sure the contract has been properly executed before recording it.

Can you sell a land contract in Michigan?

Land contracts are legal in Michigan and are enforced like any other contract. To be enforceable, the contract must be in writing. If either party to the contract fails to meet his obligations, the other party can sue for breach of contract.

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How long is a land contract in Michigan?

The Michigan land contract process is as follows: Most land contracts will require the buyer to make a down payment of 10% or more of the purchase price. Then, the seller will have to make installment payments for a set period of time. The terms can vary, but most agreements are between two and four years.

What is the downside of a land contract?

Land contract cons. Higher interest rates \u2014 Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear \u2014 The seller retains the property title until the land contract is paid in full.

Can you sell a land contract in Michigan?

Land contracts are legal in Michigan and are enforced like any other contract. To be enforceable, the contract must be in writing. If either party to the contract fails to meet his obligations, the other party can sue for breach of contract.

What is the downside of a land contract?

Land contract cons. Higher interest rates \u2014 Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear \u2014 The seller retains the property title until the land contract is paid in full.

How does a land contract in Michigan work?

Unlike a mortgage, a land contract stipulates that if a buyer does not fulfill his financial obligations in the agreed upon terms of the contract, then the seller regains possession of the property and keeps whatever money the buyer has remitted.

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