Michigan Form Of Land Contract
Description
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FAQ
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.
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. At the end of the term, the buyer will usually have a balloon payment due before the final transfer of the property deed takes place.
Select the appropriate Michigan register of deeds office where the land contract must be filed. The contract must be filed in the Michigan county in which the land is located. Contact the appropriate office to ascertain how much the current recording fee is for your document.
(Rupees ), will be received by the FIRST PARTY from the SECOND PARTY, at the time of registration of the Sale Deed, the FIRST PARTY doth hereby agree to grant, convey, sell, transfer and assign all his rights, titles and interests in the said portion of the said property, fully
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.
