Laingsburg, MI asked in Real Estate Law for Michigan

Q: I am going to be the banker for family members to by property how do i do it do i put land in my name then write a land

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2 Lawyer Answers
Kenneth V Zichi
Kenneth V Zichi
Answered
  • Fowlerville, MI
  • Licensed in Michigan

A: If you don't already have a trust or some corporate form of ownership in place (such as an LLC) then you need to do that -- complete with bylaws and structures on how to handle the affairs of the business. This is not a game of 'Monopoly' and you don't get to be a 'banker' just because someone picks you to do that — unless you want to get yourself into a LOT of trouble when the inevitable disagreements start.

Get a local lawyer who is experienced in setting up 'closely held' companies to help organize and file the appropriate state and federal paperwork to get you started on the right foot.

-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.

I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice

David Soble
PREMIUM
David Soble
Answered
  • Farmington Hills, MI
  • Licensed in Michigan

A: From your email, it sounds as if you wish to provide private financing. You most likely are going to need to create a land contract between you and your family, or create a private mortgage. Either selection has its pros and cons and so you should speak with a competent real estate attorney to address your concerns further. www.provenresource.com

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