To avoid unpleasant situations, the agreement needs to contain clear provisions related to the duration of the lease, renewal options or what happens if the tenant is late with rent.
Whether you’re looking to buy a new home or want to invest in real estate in Michigan, you need a good understanding of the law. The same goes for leasing a property. The problem is few people know how the system works. If you want to be safe, you should seek legal advice before signing any papers.
Experienced real estate and development lawyers in Traverse City or Grand Rapids can help you draft a comprehensive lease agreement so you don’t end up losing money. It’s not as simple as finding a decent building and deciding that is where you’re going to set up your new business. Without due diligence, you may discover that you cannot use the property you’ve just leased because land use and zoning regulations won’t allow it.
If you’re the property owner you also need to make sure that the terms of the agreement are very clear on everything from when the rent is due to protecting your property from damage. A commercial lease is a contract between the two parties and it must be in full compliance with local laws and regulations. An experienced real estate lawyer can make sure that the terms or the agreement clearly specify your rights and expectations. For instance, you will want the tenant to have insurance so that any possible damage will be covered. Also, you can express your requirements concerning the maintenance of your property.
To avoid unpleasant situations, the agreement needs to contain clear provisions related to the duration of the lease, renewal options or what happens if the tenant is late with rent.
Your lawyers can also help you with financing and tax abatement issues, or with litigation if it comes to that.
If you’re looking to sell a house in Michigan, you will need to complete a written disclosure form detailing the condition of your property. If there’s a problem with mold, insect infestation or a broken heating system, the prospective buyer has a right to know about these things. As the seller, you obviously don’t want to paint your property in a negative way as that would certainly draw the price down. If in doubt, talk to a real estate attorney and they will explain what you need to disclose and what not so that you comply with the Michigan Seller Disclosure Act.
Over the past few years there’s been an increase in the number of people losing their house because they cannot keep up with mortgage payments. If you’re faced with such a situation, you should talk to a foreclosure lawyer in Michigan. You need to know what your rights are and how you can still keep the house.
Once the foreclosure process starts you have at least four weeks before the auction to sell your house. A seasoned foreclosure lawyer can help you avoid that. If you cannot refinance your loan, you can file for bankruptcy.
Even when the house is sold, all is not lost and your attorney can assist you in finding a legal solution to your problems during the redemption period. For houses, the redemption period is six months, while for properties with more than 3 acres of farming land you have one year to figure out a way to avoid eviction.
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