Traverse City, MI – Real property and real estate is subject to a number of different laws regarding transactions, maintenance, foreclosure, and other areas of regulation. Some of these rules are specific to the state of Michigan, while other real estate laws are similar everywhere in the United States. Anyone who is dealing with real estate issues should consult with a local attorney to ensure compliance with all relevant laws and avoid the possibility of lawsuits and fines.
The laws related to commercial leases tend to be more complex than residential leases between a property owner and a tenant. To avoid issues at a later time any lease should be reviewed or drafted with the assistance of an attorney. This is especially important because commercial leases may bind the parties for multiple years at a time, and contain additional terms related to business interests.
Buying and selling property
Real estate transactions and mortgages are heavily regulated by the government due to the large amounts of money involved and the high value of many properties. A common issue in Michigan is related to seller disclosures. The property owner who is selling will have to inform potential buyers about many issues regarding the property’s condition and potential problems, and this process is not an option because it is required under state law.
Real estate closings are also important times for both the buyer and the seller. Each party should have their own legal representation to ensure that all of the proper paperwork has been signed and completed to finish the closing. If this is not done properly, the title to the property cannot be transferred.
When a person is having trouble paying for their mortgage, a special kind of proceeding takes place which allows the owner to take possession or seek other remedies. The lender can place the buyer in default after missing one or more payments, depending on the terms of the loan. They can also file a formal notice of this default with the local government office that handles property transactions. The lender can then try to sell the property to recover their funds, or they will become the owner. Both the property owner and mortgagee will generally have their owner legal representation once the foreclosure process starts.
Meeting with a real estate attorney in Michigan
Neumann Law Group is a firm that has extensive experience in the local real estate market in Traverse City, along with relevant property law issues. People who are about to engage in any kind of property transaction can get in touch with their attorneys to learn more about real estate laws.
Firm contact info:
300 E Front St. #445, Traverse City, MI 49684