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Michigan Lawyers - Best Lawyer in Michigan - Michigan Law Firms. How can a person recognize that they are approaching the proverbial “last minute” when facing a pressing legal or financial matter?
The “last minute” is the time in a crisis where the balance teeters against one’s favor, placing them beyond any significant help; help that can have a real impact on a desired outcome. It’s true that there are people who can “pull one off at the last minute” but this is only noteworthy because it is the exception rather than the rule. So why go through all of the anxiety? Michigan Lawyers - Best Lawyer in Michigan - Michigan Law Firms. Although the economy appears to be on the mend, many small business owners still struggle.
Especially those with commercial loans taken between 2007 and 2009. They either received, or will receive bank demands that their loans are now due in full. Commercial loans typically have 5 year maturities and most banks will not provide more than a one year loan extension of the maturity date to pay back a loan. Michigan Lawyers - Best Lawyer in Michigan - Michigan Law Firms. There is nothing wrong with purchasing a home that has a leaky basement.
Basements do have the propensity to leak in older homes. However, if a Seller sells their home, but fails to disclose to the Buyer that they knew about having past water problems in their basement, then that poses a legal problem for the Seller. Whether a Seller is liable for the leaky basement after they disclosed what they had thought was the source of the leak is an even more difficult determination. Michigan Lawyers - Best Lawyer in Michigan - Michigan Law Firms. The Importance of a Memorandum of Land Contract I recently prepared a land contract for the Seller of an investment home to her current tenant.
As part of the process, I drafted a Memorandum of Land Contract (“Memorandum”) for the parties’ endorsement. In the past, my seller had sold several properties on land contract, but had never seen a Memorandum before. She questioned it’s need and importance. I explained to her the following: The Memorandum of Land Contract. Michigan Lawyers - Best Lawyer in Michigan - Michigan Law Firms. Today’s question comes from Frank Teo of Oxford.
He asks, “As an investor in real estate, why wouldn’t I save money using legal forms off the internet instead of hiring a real estate attorney. The internet makes it easy to go online and download a legal form. Need a lease, go online. Michigan Lawyers - Best Lawyer in Michigan - Michigan Law Firms. Common Misconception “Where is -As is” is a real estate term whereby the subject property is being sold in its present condition or current state.
A Purchaser is taking a property with the understanding that there will be no “moving, cutting, shifting, replacing, redoing, changing, repairing, relocating, or refacing” anything related to the property. Michigan Lawyers - Best Lawyer in Michigan - Michigan Law Firms. As a real estate attorney in Michigan, I’m often asked, what’s the difference between using a real estate attorney and a title company in a real estate transaction?
A title company ensures that a legal title to a piece of property, a piece of real estate is legitimate. And a title insurance company or a title agent searches the public property records. They’ll verify a property’s chain of title. They confirm all liens on the Property; what’s valid and what’s not. They also insure the past and present ownership interest in a piece of real estate. You can have parties who are no longer on title, but they may have a claim against the property. Michigan Lawyers - Best Lawyer in Michigan - Michigan Law Firms.
Michigan Lawyers - Best Lawyer in Michigan - Michigan Law Firms. This question comes from Sarah Milner who I actually had met last week at a real estate investor function.
Sarah asks if there is anything wrong with sharing legal forms between friend and colleagues, after all, they’re free!! There is not a day that goes by that someone doesn’t call me for help with drafting or review a real estate or loan document that they can have for their transaction. A purchase agreement, a lease, a land contract, a mortgage, an assignment of purchase agreement, a lease option, a claim of lien…the list goes on. That’s what I am here for.
Sometimes people will actually send over an already signed document wanting to know about the impact of the contract terms they just agreed to and how they get out of the transaction. Michigan Lawyers - Best Lawyer in Michigan - Michigan Law Firms. This question comes to us today from Alan S. of Harperwoods.
He writes: “I purchased a home at the City’s tax sale and now I have found that I cannot get title insurance. I cannot sell the property by any deed and wonder why would I do anything to the property until I can comfortably sell it. My real estate agent says that I have to get an attorney to quiet the title. What does this mean?” Michigan Lawyers - Best Lawyer in Michigan - Michigan Law Firms. I am in receipt of this inquiry from Susan L. from Walled Lake, MI.
Back in 2005, Susan and her mother and purchased a small home in Wolverine Lake. They lived in the home together until this year when Susan purchased her own home. Recently, when Susan was going through some documents, she found that the deed to the home in Wolverine Lake had Susan’s name on it only. It did not name her mother. Does It Pay To Use A Real Estate Sales Agent In A Seller's Market? - Soble Real Estate Law. In good and bad times, people use real estate agents to market their homes. But in good times, it makes sense that it is easier to sell and market a home on your own. There are no legal requirements to use a real estate agent to sell your home. Any homeowner can sell their property, including their own investment property. Financial Disputes – Financial Dispute Lawyer. Most financial disputes concerning real estate revolve around mortgages and liens. A mortgage is a legal agreement by which a bank or other creditor lends money at interest in exchange for taking a lien on the debtor’s property, with the condition that the mortgage is cancelled upon the loan being paid off by the debtor.
Mortgages are taken by banks, lenders or creditors, on all types of Michigan properties: rural, residential, commercial and industrial. Mortgages are secured by a promissory note requiring the debtor to make timely payments to the lender. Probate Lawyer Michigan – Probate Real Estate Lawyer. What happens when a loved one dies without making final provisions to convey the family home? When a parent dies without a will or proper deed, then a home cannot be legally sold, refinanced or owned by anyone other than the decedent’s estate.
At some point heirs will be compelled to file a probate action in order to legally dispose or distribute the family home. This usually happens when a family member is living in the home and soon finds that they can’t get a mortgage or sell the property. Or even worse, when there is a mortgage on the home, and the lender learns of the death, the mortgage lender will call the house note due. Real Estate Deeds – Property Deeds Michigan. Deeds are the documents that legally transfer property interests. There are a few types of deeds that convey title, depending upon your jurisdiction. Among them are: (1)Warranty,(2) Covenant (3) Trustees, (4) Ladybird, (5) Sheriff, and (6) Quit Claim. This list is not exhaustive, but suffice to say, each type of deed has its own purpose, conveying different ‘guarantees’ of ownership to a grantee.
But only the ‘lowly” quit claim deed comes without grantor representations or warranties. In essence, a grantor of a quit claim deed basically says to the grantee, “I may own this property, but I can’t guarantee you that someone else doesn’t have a better claim to it. With access to online legal forms readily accessible to the general public, it is easy to access deed forms.
Business Law Michigan – Small Business Lawyer Michigan. Michigan attorneys who have both practical business experience as well as legal expertise are rare. David Soble is one of these exceptions. He is a business owner, former “big bank” insider, active real estate investor and of course, lawyer. He brings over 30 years of real life business and real estate experience to the table for his business clients. Contract Law Michigan – Contract Lawyers in Michigan. We prevent and resolve problems related to Michigan and Ohio Contract Issues. Creating a good and viable contract between parties is of paramount importance. Real Estate Lawyers Michigan – Commercial & Residential Real Estate Lawyer. The American Bar Association lists over 81 legal specialties. Michigan Lawyers - Top Rated Michigan Attorney - Michigan Law Firms. Mortgage Dispute Attorney – Mortgage Dispute Lawyer. Mortgage contracts contain numerous provisions that regulate the debtor- lender relationship.
Debtors, who are often homeowners, investors, and business owners, are often not aware of these provisions until it is too late, when their lender places their loan in default. While there are federal laws that highly regulate the mortgage business, states such as Michigan afford debtors specific legal rights to protect them against unscrupulous lenders and defend against unwarranted foreclosures. Estate Planning Lawyers – Will Preparation Lawyers – Estate Planning Attorney Michigan. The main documents for creating an estate plan are a will, revocable trust, durable power of attorney, and advanced health care directive. You do not need each one of these instruments as each situation calls for a specific plan. However, you should be familiar with each type of document to know how they work and the value they bring. An experienced estate planning attorney is best suited to determine the instruments needed for your situation.
If you die without a Will, your estate will still have to go through the Probate process. However, instead of giving your Executor the go-ahead to distribute your property, the court will name an Executor (known as an “estate administrator”) and will tell that person how to distribute your property. To begin a probate proceeding, the Executor of the Will or an attorney acting on behalf of the estate must initiate the proceeding with the local Probate court. Real Estate Purchase Agreement Michigan – Residential Real Estate Purchase Agreement.
Quiet Title Action Michigan – Quiet Title Action Real Estate. An action to quiet title is a court procedure required to obtain an order from the court confirming that a party has a right to their real estate, free and clear from all other challenges or claims to title. Essentially the legal action ‘quiet’s” property title disputes. Land Contract Lawyer – Land Contract Attorney Michigan. A land contract is a form of seller financing. It is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full. This is called “seller financing” and when it comes to one of the most important assets in one’s life, there is no such thing as a simple land contract. Signed land contracts are legally binding and can contain many different forms of agreements.
When all payments have been made the buyer will be deeded the property. Common problems with Land Contracts are: