What is Land Contract?
A land contract (sometimes known as a “contract for deed” or an “installment sale agreement”) is an agreement between a seller and buyer of real property in which the seller provides financing to buy the property for an agreed-upon purchase price and the buyer pays the purchase price in installments over the period of the contract. When the Buyer completes the required payments, the Seller must deliver good legal title by a deed to buyer.
1031 Tax Deferred Exchange
Real estate investors can structure a 1031 Tax Deferred Exchange and defer the payment of their depreciation recapture taxes and capital gain taxes provided they acquire like-kind replacement property as part of the 1031 Exchange. The real estate investor must relinquish an interest in real property and subsequently acquire an interest in real property during certain 1031 Exchange deadlines in order to qualify for tax-deferred exchange treatment.
A land contract allows you to purchase real property without a mortgage because the property's title remains in the seller's hands until the final payment has been made.
Selling the property on a Land Contract provides a quick and inexpensive way to sell the property without the rigid guidelines, hassles and delays of bank financing.
We have knowledge and experience drafting the following documents:
3.Quit Claim Deeds
Beware: if a real estate agent attempts to draft a land contract for you, ask "Are you also licensed attorney in the state of Michigan?" If the answer is, "No." ... then it is illegal for him/her to do so, and your contract may be deemed void in a court of law.
What Is Memorandum of Land Contract
Some times the Purchaser or Seller does not want to put on public record all of the details of the land contract. In these cases a Memorandum of Land Contract can be drafted, signed by all parties, witnessed and notarized. By recording this Memorandum both parties have put the public on notice that some agreement does exist regarding the sale of a particular property. This Memorandum filing is also cheaper than recording a land contract since Memorandums are typically only one page.
Comprehensive Commercial Real Estate Services
Our firm represents builders, investors and developers throughout the entire life cycle of their real estate projects by providing the following comprehensive commercial real estate services:
•Land purchase contract review, drafting and negotiation
•Buy and sale of real estate
•Real estate title investigations
•Questions of zoning and land use
•Real Estate and Land Contract Litigation Issues
We can handle your real estate transaction from contract negotiation to closing
We offer real estate transaction services to both buyers and sellers. If you are buying or selling a piece of real estate in Detroit metro area, protect your investment. Call our real estate attorneys today for a free consultation.
We Clean Your Real Estate Title ...
Drafting and Review of Leases
A well drafted lease for a residential or commercial property located in Michigan can help protect you from problems or expensive litigation in the future. It's beneficial to have our real estate and commercial law attorneys review or draft a lease, but it is of even greater benefit when that lawyer is intimately familiar with the geographic area, the real estate market, as well as the community standards surrounding common practices for handling real estate matters in a particular area.
We can assist in drafting a lease from scratch or reviewing your current lease and suggesting modifications in a “rider” to be attached to the lease. If you have concerns about commercial lease drafting and review, contact our real estate attorneys at 313-982-0010 to schedule a confidential consultation
Detroit / Wayne County Land Contract Lawyers
Lawyer For Land Contract
We Draft, Review, Negotiate & Litigate Land Contract
We Help People Buying or Selling Property On Land Contract
We Handle Land Contract Eviction, Forfeiture or Foreclosure