Need Help Purchasing, Selling, Enforcing or Foreclosing on a Land Contract?
A land contract is a contract where the seller provides the buyer a loan to purchase real estate the seller owns. The seller usually requires a down payment. The buyer then makes installment payments on the loan, usually including interest, according to an amortization schedule for a period of time agreed upon, sometimes with a balloon payment at the end. The seller retains the legal ownership to the property (by placing the deed in escrow) while permitting the buyer to take possession of it. When the full purchase price has been paid the seller is required to release the deed, and legal title, to the buyer. Essentially, the arrangement is a “poor man’s mortgage” which allows a credit deficient buyer time to purchase the property. The seller may be motivated to sell in this fashion out of the property being difficult to sell in any other fashion, the need to help a relative, or a desire to create an income stream. There are numerous “traps” for either the seller or buyer in these arrangements. There are also problems when either party refuses to do what they are supposed to do at the end.
Please call me for a free, confidential consultation at (248) 432-1612.
I have been successfully representing land contract buyers and sellers in negotiating, drafting, interpreting and enforcing land contracts in the Detroit area for over 30 years. I fully understand the complexities of Michigan’s legal system. The practice of law is an inter-related discipline. True specialization is a myth except for very narrow areas of the law. I practice in multiple areas of the law and understand how one area of practice affects other areas. My fees are reasonable and I take all major credit cards. Contact me for more information on how to obtain the services of an experienced land contract lawyer.