Legal Question in Real Estate Law in Michigan

land contract terms

What kind of terms can you ask for in a land contract? My house payment is 1525 dollars a month and I would like to ask for a down payment. What amount would be appropriate? If my mortgage company finds out about the land contract can they ask for payment in full? And can I include something in the contract to protect myself if this happens?


Asked on 6/10/04, 2:22 pm

1 Answer from Attorneys
Blake Lipman Law Office of Blake P. Lipman

Re: land contract terms

You can ask for any amount you want as a down payment. You are correct that your mortgage company could accelerate your loan and demand payment in full if they learn of the land contract. This is called a "due on sale" clause. In reality they probably won't find out, but there is still a risk. For more info. contact my office at (248)851-3171.

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Answered on 6/10/04, 3:51 pm


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