Legal Question in Real Estate Law in Michigan

An Option to Purchase is enforceable as long as it is certain and definite about the time within which the Option may be exercised and the price of the Option. This gives the Tenant the option to purchase the property at a specific price during a specific time period. The terms of the Option are completely negotiable as long as they are not illegal. This means that there is no set limit on the amount paid for an Option just like there are theoretically no limits to the amount of rent a tenant could agree to pay. Michigan adheres to the freedom to contract principal wherein people are free to enter into binding contracts with almost any terms as long as it is not illegal in nature. If it were to go to Court there may be an inquiry into whether there was any duress or undue influence if the price appears proportionately too high but it would be the Tenant's burden of proof. Aldrich Legal Services, PLLC handles Real Estate matters, along with Bankruptcy, Probate/Estate Planning, Family and other areas of law. If we can be of service to you please visit our website at aldrichlegalservices.com or call us directly at (734) 404-3000