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Land contract regestered in Bay county, Mi

Bay City, MI |

My parents drew up a land contract. To sell a home in Bay City, MI. The person buying the home has not paid several payments over the years as well as failing to pay the property taxes and Home insurance. Which he was obligated to in land contract. This person says he is willing to allow my parents to have the house back since he has defaulted on payments and taxes. The land contract was registered 11-2-2006 in Bay County. If both parties agree to dissolve the contract can they do that with out foreclosure proceedings?

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Attorney answers 2

Best Answer
Posted

Yes, this can certainly be done. I have assisted a number of clients with doing this. In order to make sure you have no future issues, you should have this done by a lawyer. The fee should not be all that expensive. Avoiding future problems can be priceless.

James Frederick

***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!

Posted

Yes, you can terminate the land contract through voluntary agreement, however, you need to be very careful with the terms of the argeement. Some considerations that need to be considered to protect your parents are: Insuring that title is clear, outstanding tax bills which attach to the property, outstanding water bills which attach to the property, any possible municipal violations, the condition of the property, etc. As a result of the potential for problems, your parents should have a real estate attorney draft the agreement and any other necessary documents (i.e deeds) to insure that your parents are protected.

The information contained herein is for informational purposes only and does not create any type of attorney-client relationship.

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