Real Estate Brokers may enforce their commission claims by recording a lien on commercial properties subject to those claims.
The Seller Disclosure Act (the “Act”), requires most house sellers in Michigan to fill out a prescribed Seller’s Disclosure Statement (the “SDS”) before selling their houses. That form will be presented to the potential buyers who are interested in purchasing their house. The legal challenge for sellers is to properly fill out the SDS and avoid the legal pitfalls which have befallen many Michigan sellers in the 17 years since passage of the Act.
The back-up purchase offer is a contingent deal to buy and sell the identified real estate. The buyer essentially says to the seller: “I will buy your real estate under the stated price and terms if your current deal fails or falls through,” and the seller agrees. To be enforceable, the back-up Purchase Agreement must sufficiently state the transaction terms and be signed by the contingent buyer and seller.
Married couples often believe that their marital property is free from seizure by the IRS for one spouse’s debt. This is not true. This article explains what can happen when the IRS comes calling for payment.
Virtually all mortgages contain a due on sale clause, which triggers payment of the mortgage in full upon a transfer or attempted transfer of the subject property. That clause may be avoided in some cases when you transfer your property to your Revocable Trust.