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I'm unable to locate new housing. Also, addendum on contract for me to pay 4% of buyer's closing costs.
answered on Dec 12, 2024
Not being able to find new housing, unless that was a contingency in the offer you accepted, is not a reason to stop the sale.
A costly addendum YOU AGREED TO (did you agree?) also is not a reason to stop the sale.
What did your attorney say when reviewing the offer? What... View More 
I'm unable to locate new housing. Also, addendum on contract for me to pay 4% of buyer's closing costs.
answered on Dec 13, 2024
The agreement itself describes your rights under your purchase agreement, whether you are the seller or the buyer. If the agreement has proper provisions for sellers to withdraw, you may be able to do so. You also will need to look at the legal remedies available to the opposing side should you... View More
Hello,
I am a resident of a country other than the United States.
My real estate agent transferred my property in Michigan free of charge (quit claim deed) to his company without my consent and with a forged signature. He then sold it to a third party.
My real estate agent,... View More
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answered on Dec 9, 2024
You will need a competent MI attorney to search the title and sue all parties involved as they will be indispensable by law. You should have the advantage of filing where the real property lies (MI). Expect to have to appear in Court, Depositions, etc. If you win, you need the Judgment to... View More
I inherited a house from my mom. She was unmarried and I am the only benificary of her estate. I have gone through probate and am the legal representative of her estate. I want to transfer the ownership of her house to my name. I have drafted a deed but am not sure what I should put as the purchase... View More
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answered on Dec 6, 2024
You want the highest stepped up in value you can get to lower your potential capital gains upon you selling it later. However the higher the value, the more property taxes each year. You might start by looking at the tax appraisal value. Comparable sales will probably be higher than what the... View More
I inherited a house from my mom. She was unmarried and I am the only benificary of her estate. I have gone through probate and am the legal representative of her estate. I want to transfer the ownership of her house to my name. I have drafted a deed but am not sure what I should put as the purchase... View More
answered on Dec 6, 2024
Michigan has very specific rules about taxable values in inherited properties that are not something out of state lawyers (or most lay people!) will understand or know about.
Have a MICHIGAN attorney, preferably in the county where the property is located, draft the deed for you, and... View More
Hi, we bought a home in Troy, MI a few months ago. The seller and sellers agent listed the home as having 2,540 sq ft. After we bought it, we had some work done and the home only has 1,901 sq ft., that is 327 sq ft less than we were told. We paid $257.76 per sq ft x the 327 equals $84.287.56 for... View More
answered on Dec 5, 2024
First of all, given the facts you state, that is 639 square feet less than 'advertised'.
BUT even with that said, there are two things 'working against you'.
Did the sellers 'hide' that 'defect' from you in some way? No -- you had the... View More
The agreements were one for the farmland and one for the farmhouse back in 2012 and 2013. Both have given monetary consideration but no expiration date (grandfathers death triggered the option). Both options are for purchase prices far below market value. Also, the optionees on the land deal are... View More
answered on Nov 23, 2024
Without seeing the actual paperwork it is impossible to provide any real advice but
1) If there was 'consideration' given
2) if the agreement was in writing
3) if the other conditions have been met
and
4) if the other party (ies) are wanting to... View More
court?
answered on Nov 6, 2024
Your question is unclear.
The BANK is in default after a circuit court action of some kind? Who sued whom and for what?
Is the case pending, or has it been dismissed or a default judgment been issued? What does the default say about the status of the property?
There are... View More
answered on Sep 12, 2024
A promissory note is a promise to pay a specific amount of money in a given time usually with interest rate and payment schedule spelled out. It is usually secured by a mortgage or similar ‘security agreement’.
This has nothing to do with life leases which is a way to transfer a... View More
My name is still located on the loan and mortgage statement as the primary, but the house has been quit claim deeded to my LLC, sole member.
I'm also listed as additionally insured on the rental dwelling insurance. My main reason for transferring was to separate my personal assets... View More
answered on Aug 28, 2024
it sounds like you have taken a step towards limiting your liability for the operation of the rental property. There remains the possibility that you could be personally liable for accidents or other events associated with the rental property. This is one reason to have insurance.
Another... View More
I purchased my home 17 months ago. Nowhere in the sellers disclosure did it talk about any major issues with the home whatsoever. However I've now come to find out it has major foundation issues that need to be repaired or it will continue to sink into the ground. I had a contractor come out... View More
answered on Aug 21, 2024
The best use of what money you have now would be to fix the foundation. Going after the seller could be a fools' errand if all you have to go on is the neighbor saying they talked about it. You'd need more proof than that. Also, even if you were successful, you might get a judgment... View More
My son bought my house on 3 acres. He could not finance the adjoining 20 acres. I would like to give it to him the best way for him to pay at least in taxes
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answered on Jul 21, 2024
To transfer the adjoining 20 acres to your son in the most tax-efficient way, you should consider gifting it to him. Gifting property can often be done without significant tax implications if the value of the land is within the annual gift tax exclusion limit, which is $16,000 per recipient as of... View More
One child and spouse moved in home and continued making loan payments. It is now 12 years later and he feels the house is his alone. Do the other 3 siblings have any claim on home and land?
answered on Jul 10, 2024
If there is a recorded lady bird deed, then all four of you now have ownership interest. The way to "settle" this is to file a copy of the death certificate, along with a new deed listing you all as owners. While that would settle the legal question of ownership, it doesn't sound... View More
Is this legal? Could you point me to any relevant statutes too? Is the promise enforceable (nothing written so I guess no)?
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answered on Jul 3, 2024
Owner will probably refuse to convey to you as the oral promise violates the Statute of Frauds. Hopefully you have some sort of memorandum signed by owner. Consult with a MI attorney to draft a deed and attempt to tender the money for the deed.
A Deed was recorded in 1978 joint tenancy with rights of survivorship, not tenants in common, to grandmother and her 4 children. Grandmother and 2 of the children are now deceased. Last year new QC deed to just my mother. She is now planning on selling. how is cost basis and capital gains... View More
answered on Jun 20, 2024
It can get complex, and it depends on whether transfer affidavits and PRE exceptions were properly completed and filed along the way. Sounds like there would be an argument that there hasn't been a uncapping event at least since 1978.
A Deed was recorded in 1978 joint tenancy with rights of survivorship, not tenants in common, to grandmother and her 4 children. Grandmother and 2 of the children are now deceased. Last year new QC deed to just my mother. She is now planning on selling. how is cost basis and capital gains... View More
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answered on Jun 21, 2024
This is a complex situation involving multiple transfers and deaths over a long period of time. Here's a general overview of how the cost basis and capital gains might be calculated, but I want to emphasize that your mother should consult with a tax professional or estate attorney familiar... View More
I am going back court this week they owe 39000 in back payments, taxes and late fees. The judge initially is questioning why a 90 late fee is assessed if they are more than 15 days late although it is in contract. What is a good rebuttal for this. Can I charge for my loss wages
answered on Jun 17, 2024
You generally cannot charge for wage loss due to court attendance. As to the fee issue: just because it's in the contract does not mean the judge may find it appropriate. As a general proposition, late fees must be reasonable, considering your costs / damages for late payment. They are not to... View More
I purchased a mobile home in 2018, park manager wanted the title before I put it in my name and never gave it back. Now the new park manager is saying it isn't in my file nor do they have a copy of it.
All my efforts to reach the previous owner to have the get a lost title have been... View More
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answered on Jun 10, 2024
The responsibility for obtaining and maintaining the title of your mobile home typically falls on the owner, not the mobile home park. Since you purchased the mobile home in 2018, the title should have been transferred to your name at that time. The park manager requesting the title before... View More
I am 1 of 3 remainders on a ladybird deed in michigan. My grandmother ( the grantor ) passed away in 2016. I currently live in the house along with 1 of the other remainderman. My fiance and I are currently in the market for our own home. Once I move, I no longer want any type of responsibility to... View More
answered on Jun 10, 2024
You transfer your property interest to someone else, usually one or all of the other co-tenants since they are the ones who will get the most value from that. HOW you do that depends on what you would like to get out of the deal. The best response is to contact a local lawyer to discuss your... View More
I am 1 of 3 remainders on a ladybird deed in michigan. My grandmother ( the grantor ) passed away in 2016. I currently live in the house along with 1 of the other remainderman. My fiance and I are currently in the market for our own home. Once I move, I no longer want any type of responsibility to... View More
answered on Jun 10, 2024
If the grantor has passed, there should now be deeds filed effectuating new ownership. You could elect not to be on that deed, and therefore you would have no ownership interest or responsibility. Regardless of what you agree with with the other remaindermen, all of you should work toward... View More
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