Land Contract Forfeiture Form
Description
How to fill out Florida Final Notice Of Forfeiture And Request To Vacate Property Under Contract For Deed?
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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.
The seller on a land contract can enjoy a regular cash flow without the headaches of managing rental property. The seller may be able to realize a greater overall profit from the sale by earning interest. The seller may charge interest up to 11%. (And, in some cases an even higher rate of interest.)
The process of evicting a land contract vendee begins after the 30-day late period. You must give the vendee (or his successor) a written notice that describes the contract, the property and the clause that the vendee is defaulting on. The vendee must cure the default within 10 days.
The seller on a land contract can enjoy a regular cash flow without the headaches of managing rental property. The seller may be able to realize a greater overall profit from the sale by earning interest. The seller may charge interest up to 11%.
First, a written notice of forfeiture prescribed by Michigan statute must be served on the buyer, giving him time in which to cure his breaches of the land contract. Then, if the breaches are not timely cured, the owner must seek a formal order of possession from the court.
