Michigan Real Estate Attorneys
What Is A Michigan Real Estate Attorney?
Michigan real estate attorneys are attorneys that specializes in MI real estate law.
They may offer legal advice for transactions involving the following:
- renting real estate in Michigan
- property closings in Michigan
- property tax appeals in Michigan
- property zoning in Michigan
- buying real estate in Michigan
- selling real estate in Michigan
- leasing real estate in Michigan
They may also offer services such as dispute resolution. These types of disputes may arise due to conflicted opinions of property boundaries or contractual disputes between the buyer and seller of real property.
A Michigan real estate lawyer, along with a Michigan real estate agent, can guide you through the process of buying and selling a home or commercial property in Michigan.
A new home or even raw land can be a significant investment in Michigan and having the proper legal advice will make your real estate transaction go smoothly.
When Should You Get A Real Estate Attorney In Michigan?
It is recommended that any time you buy, sell, or transfer property in Michigan that you have qualified Michigan real estate attorneys represent you during the real estate transaction and closing.
Do I Need An Attorney To Lease My Property In Michigan?
It is recommended that you have a Michigan real estate attorney provide you with proper leasing or rental contracts. If you intend to lease or rent property in Michigan a proper rental contract is a must have.
A properly drafted lease or rental agreement in MI can safeguard and provide to you monetary compensation from physical damage to property that may be caused by a renter.
Is There A Difference Between Leasing And Renting Property In Michigan?
Simply stated a lease is normally used for long term contracts for those whom may wish to stay in the property for a matter of multiple months or years. Rentals are normally for shorter periods of times such as a few weeks to a month or two.
You can think of it as the difference between renting an apartment for a year as opposed to renting a vacation home for a short amount of time.
Do You Need A Real Estate Attorney To Buy A Home In Michigan?
Michigan law does not require you to hire Michigan real estate attorneys to buy a home. However, with that being stated, having an attorney representing you throughout the home closing process is to your best interest.
Is Michigan Is A Disclosure State?
Michigan state law requires all sellers of residential property, to disclose to potential buyers any and all material facts that may affect the buyer’s use and enjoyment of the property.
Having a MI attorney represent you at closing may be the difference between buying that 6 acres of pristine lake front land and buying that 6 acres of lake front land that in the past was used as a ship yard.
How Much Do Michigan Real Estate Attorneys Charge?
This fee may be dependent upon the cost of the property and how your chosen MI attorney bills for services. The fee may differ depending on if the property is commercial property or residential property.
Two of the most common real estate fee schedules in Michigan are as follows:
- An hourly fee : This fee is going to be based on your location and the experience of the attorney.
- A set fee : This fee is going to be based on the value of the property being purchased. It is normally derived as a percentage of the sells price.
Who Does A Michigan Real Estate Attorney Represent?
Michigan real estate attorneys may represent either the buyer or the seller.
As a buyer the attorney will review all the documents pertaining to the sell. Being sure that the buyer is receiving what they are paying for clear of all liens or encumbrances.
This is normally accomplished by doing a title search to be sure the seller is the actual owner of the property and has the legal right to sell the property.
As a seller the real estate attorney can help you by reviewing you sells documents and assuring that the financial obligations of the buyer are fulfilled at closing.
When a home mortgage is involved there may be several different attorneys involved in the property closing. One may be representing the mortgage lender, one the seller, and one for the buyer. As you can see real estate transactions can at times be complicated.
Is Title Insurance Required In MI?
Some Michigan real estate attorneys may recommend that you purchase title insurance in MI on a given piece of property. Title insurance may be required for real estate that is secured by a mortgage.
Title insurance in MI is an insurance policy that may pay you the value of the property if years down the road it is found that the seller did not have good title to the land. More information about title insurance in Michigan can be found here.
Who Pays For Title Insurance In Michigan?
Title insurance may be a cost to the buyer or seller depending upon the stipulations in your real estate sales agreement.
What Is A Michigan Real Estate Sales Agreement?
The Michigan real estate sales agreement or contract lays out the obligations of all parties involved in the real estate transaction.
Who Pays The Closing Cost For A Real Estate Transaction In Michigan?
Closing cost may be paid by the buyer, the seller, or a combination of both depending upon the sales agreement. Typically closing cost are broken down into two categories, the buyers and the sellers.
Buyers Closing Cost In Michigan :
Title/Deed recording fees
Underwriting fees
Home inspection
Title search fees
Title insurance
Appraisal fee
Origination fee
Escrow fee
Credit report fee
Attorney fee
Sellers Closing Cost In Michigan :
Property taxes
Utility bills
HOA fees
Escrow fees
Transfer fees
Recording fees
Mortgage fees
Title Insurance
As you can see from above there are a variety of fees that may be involved with your Michigan real estate transaction. However, with that being stated, all of the closing fees above may not apply to your particular situation. When paying with cash instead of receiving a home loan the fees are less expensive.
How Do I Find A Good Michigan Real Estate Attorney?
Finding good Michigan real estate attorneys is not as hard as one may think. You can start right here on this site. If one is not available then reach out to your circle of friends, family members or business acquaintances. If your working with a Michigan real estate agent you may wish to ask them if they have any recommendations.