LAND CONTRACT:
SELL REAL ESTATE OVER TIME

You can prepare your Michigan Land Contract Online quickly, easily and affordably with the confidence that comes from the assistance of a licensed Michigan Attorney.

New Rules Require that,  Except in Special Circumstances, All Land Contracts in Michigan Must Be Prepared by An Attorney or Licensed Mortgage Broker. 

Create Land Contract

A land contract is an agreement between a seller and buyer or real property which the seller provides financing to the buyer to buy the property for an agreed-upon purchase price.
Generally the buyer pays a down payment to the seller at the beginning of the land contract and repays the remaining balance of the loan in monthly installments.
Under a land contract, the seller retains the legal title to the property, while permitting the buyer to live in and use the property of it for most purposes. The sale price is typically paid in monthly installments, often with balloon payment at the end to make the timelength of payments shorter than the fully calculated loan would be without a final balloon payment.  For example, the monthly payment may be based on a 30 year loan term, but a balloon payment would be due after 5 or 10 years.
When the balloon payment is due the buyer must pay the entire remaining balance.  Often a buyer gets a traditional mortgage at that time to pay the balloon payment.
When the full purchase price has been paid including all interest, the seller is obligated transfer legal title to the property to the buyer.
A land contract is different than a traditional mortgage where the buyer takes out a loan (mortgage) from a bank or mortgage company to pay the seller in full and receives title to the property (the deed) immediately.  The buyer then pays the bank or mortgage company back over time.

PREPARE YOUR LAND CONTRACT ONLINE

You can prepare your Michigan Land Contract Online quickly, easily and affordably with the confidence that comes from the assistance of a licensed Michigan Attorney.