Posts Tagged "Real Estate Sales"

Jointly Held Property: Good or Bad Idea?

Posted by on Jun 15, 2013 in Litigation, Probate, Real Estate, Tax | 0 comments

A frequent question that comes to us as lawyers is whether or not it is a good idea to maintain jointly held property.  The context of these issues often relate to situations where parents want to put their children’s name on their bank accounts or where siblings hold real estate jointly that once belonged to parents.  These questions about jointly held property come up with regard to all different types of property such as investment accounts, bank account, real property and even interests in debt where a party or parties are owed money pursuant to a promissory note.  Frequently the...

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Land Contracts Explained for Buyers and Sellers

Posted by on Jul 9, 2012 in Real Estate | 0 comments

Land contracts have seen a resurgence in Michigan.  In recent years the ability for buyers to obtain financing has become a serious problem for those wanting to sell their real estate holdings and those wanting to buy as well.  The inability for buyers to obtain mortgage financing to purchase property has, to some extent, resulted in the slowdown in the real estate market that has been impacting the economy for the past five years. Unique Properties Similarly, parties that own unique or non-conforming property can also have problems finding buyers that can get a mortgage to purchase the...

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Short Sale Basics

Posted by on Oct 25, 2011 in Real Estate | 0 comments

The term “short sale” has become a household term in the post real estate bubble market.  But what exactly is a short sale, and why would a property owner or a bank want to do a short sale? A short sale is simply a sale of real estate with a sales price of less than the outstanding balance on the mortgage loan.  The problem, of course, is that the bank holding the mortgage will generally not allow a sale to take place if the bank is not going to receive full payment for its loan.  This makes a short sale seem quite impossible, yet they are happening on a regular basis in today’s economy. ...

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