Buying a house in Michigan is a big task, especially for new homeowners. Since buying a house for the first time involves numerous steps, you will require expert guidance to get through the process. While a real estate agent is very necessary, you may also need an attorney. After all, a lot of legal work comes with the house-buying process, and for this, you must have a real estate attorney as well. They can assist you with legal matters and also help ensure that you choose the right house at an appropriate price.
Getting help from an attorney when buying a house in Michigan makes the process much easier. That’s because they can take care of various matters that would be too complex to handle on your own. Here’s how real estate attorneys in Michigan can help you buy the house of your dreams.
5 Common Real Estate Matters Attorney’s Handle When Buying a House in Michigan
1. Purchase Agreements
Once the seller accepts your offer to buy the house, a purchase agreement has to be drawn up. This is a legal contract between the person buying the property and the seller. The seller of the property draws up the legal agreement, so if you’re buying the property, you will receive an agreement to review. Because of the document’s legal nature, it’s possible for it to contain difficult and complicated terminology. Therefore, whenever you decide to review it, you must get some professional help to explain what the different terms mean. In this scenario, the best help you can get is from a real estate attorney.
Life is full of uncertainties, but you can’t let them stop you from making a crucial purchase, such as buying a house. When buying a house in Michigan, you never really know when you’ll face financial problems. In some situations, you may receive a foreclosure notice from the lender. A foreclosure notice is a document that gives a mortgage company and banks the right to sell your property in order to pay off the balance on the loan that is currently in default. Michigan law requires the lender to provide you with the necessary notifications that consist of information on different programs to help you avoid foreclosure in the first place. For this, you first have to understand your financial situation and ask an attorney to guide you through the legal foreclosure process.
Whenever a property is transferred to Michigan, a deed is issued. Because of their confusing nature, deeds are a difficult concept to understand. A real estate attorney can work with you and help you understand the different types of deeds. These include covenant deeds, warranty deeds, and quitclaim deeds. Once you’ve understood the different types of deeds, your real estate attorney will help you with the necessary documentation that you have to make with your local municipality. This will help you legally file the deed.
4. Land Contracts
When homeowners decide to sell their property, they may consider drafting a land contract. With the help of the contract, as the seller, they can now have direct contact with the person buying the property. The land contract will include details of the financing that will involve the buyer repaying the loan in installments for the actual purchase price of the property. When buying a house in Michigan, you have to understand what a land contract home is. But if it’s your first time venturing into property purchases, it can be difficult to do so. However, with the help of attorneys, you can see if the seller is providing a fair land contract.
5. Short Property Sales
Short property sales are when the bank or the mortgage holder gives sellers the option to sell their property for less than the balance stated in the mortgage. The lender will accept whatever purchase price they receive and will count the short amount as full payment, covering the remaining mortgage balance. There could be a possibility that you face foreclosure on your home, in which case a short sale is the best alternative. A good real estate attorney can give you some proper mortgage advice, helping you see both the pros and cons of short sales.
How to Avoid Legal Problems with Tenants in Michigan?
Comply with Security Deposit Limits
Security deposit laws cause disputes between landlords and tenants. If you want to avoid this, you should be aware of the state’s security deposit limit and how much you can charge. The best way to deal with this is by using a landlord-tenant checklist when your tenant moves out. You must also send a security deposit itemization whenever the tenant leaves.
Act in Accordance with Anti-Discrimination Laws
You should understand all housing laws and how you will select tenants before you start advertising vacant places on your property. You must properly advertise and know how to deal with tenants. You can also legally reject applicants based on their credit history. Make sure you go through all the requirements properly before you give them the green light.
Abide By The State Rent Rules
As a landlord, you’ll surely want your rent on time. Before raising rent prices, you must make sure to comply with some state rules in Michigan before doing so. There are many rent issues that could pop up if you don’t follow the state law regulation. To avoid increasing the rent unnecessarily.
Whether you’re buying a house in Novi, Plymouth, or Royal Oak, it is best to have the help of a real estate attorney in Michigan. Buying a house in Michigan can ensure a smooth process if you have the right help. With the help of a good real estate agent in Michigan and an attorney, you can go through the house-buying process easily without worry.