WEST MICHIGAN REGIONAL LAND CONTRACT FORM 1
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People also ask
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What happens if a buyer defaults on a land contract in Michigan?
Legal Remedies In Michigan, the normal default process involves a forfeiture on the land contract. Land contract forfeiture actions do not allow the seller to collect on monetary deficiencies, such as selling the home for less than what was owed by the buyer under contract. -
What is the average interest rate on a land contract in Michigan?
A balloon payment is an unusually large payment due at the end of the purchase period. The parties will also agree on the interest rate. However, in Michigan the interest rate cannot be above 11%. It is possible for the interest rate to change over time, but the average interest rate has to be 11% or less. -
What is the redemption period for the land contract forfeiture in Michigan?
If a judgment of possession is granted, the buyer has 90 days to redeem the property if less than 50% of the purchase price has been paid or 6 months to redeem if 50% or more of the purchase price has been paid. The redemption amount is the amount that is past due. MCL 600.5744(4). -
What is a forfeiture of land contract in Michigan?
In forfeiture, if the purchaser does not pay the past due payments under the land contract after receiving a 15-day-forfeiture notice, the seller may file suit for a judgment for the monthly payments, which remain unpaid. -
What happens to a land contract if the seller dies in Michigan?
If the seller is the deceased, his or her estate is obligated to complete the real estate contract. However, if the buyer is the party who passes away, the seller may not be able to force the contract against their estate. -
What is the difference between land contract forfeiture and foreclosure in Michigan?
In forfeiture, the seller cannot accelerate the debt. Therefore, the vendee can cure by paying the past-due monthly payments. If the seller wants to terminate the land contract and evict a vendee in chronic default in a foreclosure, the seller can accelerate the debt, making it harder for the tenant to cure. -
How much does it cost to file a land contract forfeiture in Michigan?
A $20 fee is required on all motions, 2nd summons and alternate service....Supplemental Complaint for Possession and Money Damages. Claim AmountFeeLand Contract Forfeiture$554 more rows -
How to get 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.
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