Termination of Land Contract Form Michigan

Termination of Land Contract Form in Michigan: A Step-by-Step Guide

If you are a property owner who has entered into a land contract in Michigan, you may need to terminate the contract at some point. Termination of a land contract can happen due to various reasons, such as default on payments, breach of contract, or other circumstances.

One of the essential steps in terminating a land contract in Michigan is to use the correct form. In this article, we will guide you through the termination of land contract form in Michigan and provide you with a step-by-step process to complete the form.

Step 1: Obtain the Form

Before you can begin to fill out the termination of land contract form in Michigan, you will need to obtain it. You can get the form from the Michigan Department of Licensing and Regulatory Affairs (LARA) website, or you can ask a real estate attorney to provide you with a copy.

Step 2: Fill Out the Form

The termination of land contract form in Michigan is relatively straightforward, and it requires basic information about the property and the parties involved in the contract. You will need to provide the following information:

– The name and address of the buyer and the seller

– The legal description of the property

– The date the contract was signed

– The reason for termination

– The amount of money paid by the buyer

– The current balance owed

– The buyer`s signature

Step 3: Sign and Notarize the Form

Once you have filled out the termination of land contract form in Michigan, you will need to sign it in the presence of a notary public. The notary public must acknowledge your signature and confirm your identity. If you do not have a notary public, you can visit your local bank or real estate attorney for assistance.

Step 4: Serve the Notice

After you have signed and notarized the termination of land contract form in Michigan, you will need to serve a notice of the termination to the other party. The notice must be delivered to the buyer by certified mail with return receipt requested.

Step 5: File the Form with the County Register of Deeds

The final step in terminating a land contract in Michigan is to file the form with the county register of deeds where the property is located. Filing the form will remove the land contract from the property record, and the buyer will no longer have any interest in the property.

In conclusion, if you need to terminate a land contract in Michigan, following the steps above will help you to complete the process correctly. Remember to obtain the correct form, fill it out completely, and serve the notice before filing it with the county register of deeds. If you have any questions or concerns, we recommend seeking the advice of a real estate attorney.

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