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Updated almost 5 years ago on . Most recent reply

User Stats

182
Posts
10
Votes
Mike Mitchell
  • Real Estate Investor
  • Lubbock, TX
10
Votes |
182
Posts

Land Contract in Michigan

Mike Mitchell
  • Real Estate Investor
  • Lubbock, TX
Posted

I am looking for a company in Michigan which services contracts.  Any help would be appreciated.
Mike Mitchell

Most Popular Reply

User Stats

53
Posts
22
Votes
David Zamarron
  • Real Estate Broker & Investor
  • Mount Pleasant, MI
22
Votes |
53
Posts
David Zamarron
  • Real Estate Broker & Investor
  • Mount Pleasant, MI
Replied

Mike:  It sounds like the issue is that you have purchased/assumed an existing land contract and the occupants are not making payments.  In Michigan your position is termed "vendor" and the buyer is termed 'vendee."   A land contract cannot simply be voided.  The process of redeeming the property is called forfeiture, similar to foreclosure.  The law requires public notice of default and a judicial action. The vendee has redemption rights whereby they can continue to occupy the property.  The process in total can take up to one year.  You should consult an attorney skilled in real estate law to advise you on this process.  The quick fix is to offer the vendee a cash incentive to vacate the property and remove their personal property and debris in exchange for signing a quit-claim deed.  This can be a much quicker and cheaper process than a forfeiture procedure.  

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