Michigan Stipulation of Leasehold Ownership to Clarify Previous Assignment
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FAQ
So whether a seller selling a property on a land contract actually triggers due-on-sale provisions is debatable, since the land contract purchaser does not obtain title until they pay off the contract. Therefore, memorandums of a land contract are recorded in the county to put the world on notice of a transaction.
Once ownership is transferred, the property's taxable value is uncapped and will increase to the same level as the assessed value the year following the sale. In most cases, buyers will see a substantial increase in property taxes depending on the gap between the taxable value and the assessed value of the property.
You can only have one homestead at a time. Cottages, second homes, property you own and rent/lease to others, and college dormitories do not qualify as a homestead.
Affidavit must be filed by the new owner with the assessor for the city or township where the property is located within 45 days of the transfer. The information on this form is NOT CONFIDENTIAL.
A married couple, filing income tax returns jointly, are generally entitled to no more than one principal residence exemption . However, there are exceptions to these rules . The law allows a temporary, additional exemption for up to three years on an unoccupied homestead listed for sale .
