All right, so what is a lease? What is the lease with an option and what is the land contract? How are they different and do they benefit the landlord or do they benefit the tenant? We're going to talk about that today. - Hey guys, I'm Jeff Powell, I'm a local real estate investor here in the state of Michigan, and I'm David Holm, I'm an attorney here in Michigan. And we're gonna talk today about what exactly is a lease, what's a lease with an option, what's a land contract, what are the differences between them, and which one is most beneficial to you as a landlord. - So, the first one we're talking about is what is the lease. Okay, so a lease is pretty simple, right? You own the property and you're gonna find a tenant and you're gonna lease the use of that property to them. In general, a lease is usually one year with a set price that the tenant's gonna pay you on a monthly basis. And so, you as a landlord, I'll just go ahead and rent that property to that particular tenant. - Let's get into some of the pros, Dave, you want to come to the pros? So, some of the pros of a lease is that the landlord maintains absolute control over the property. It is your property as the owner and you have the right to evict the tenant under the Michigan statute for summary proceedings if they don't pay rent, if they conduct criminal activity on the property, if there's no use on the property, or if they violate the lease in any other way. It's a very quick process and those are the biggest advantages. - Now, some of the cons are, you know, as with...
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Michigan land contract 2024 Form: What You Should Know
A real estate agent is named as joint agent for seller and purchaser. • A real estate agent is used to sign title to property. • No real estate agent will sign the title for a purchaser unless it is an agent who represents the purchaser in a civil proceeding. • A buyer must pay all costs of any condemnation action resulting from the sale. • Property appraised by a notary public is used to establish a price, not the value of any real property. You pay the appraiser. You and your family can use this home as their home. It's yours. It is considered an agreement for an exchange for a commodity, and constitutes a business agreement in which the parties agree to participate in commercial activities. The transaction must be recorded in the county in which the land is situated. The Michigan land contract form requires a description of all property and a description of the price and the total price of the property which does not exceed 100,000.000. The title in a land contract is recorded with the county that the land is situated in. It is a record that may be used to satisfy other tax obligations, like real estate property assessments, property tax, utility bills, and personal income tax. A Michigan land contract is considered to be “good faith” for the purposes of all the following: Property taxes or utility bills Property insurance liability Personal income tax Personal bankruptcy estate tax The title of a land contract form does not have to be transferred to the buyer until the land contract is signed. A Michigan land contract is considered a real estate sale in which one party provides the other parties with property, then the seller provides the buyers with the land and agrees to convey title.
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