Legal Question in Real Estate Law in Michigan
lease to own
I am leasing a home with a considerable amount of my money invested into it. So far there should be $10,000 to apply to the down payment when we finance. I came home today to find out the leasor hasn't been making the mortgage payments haven't been being made, and now the property is being foreclosed on. We each had realtors put our agreement together. What are my legal options?
1 Answer from Attorneys
Re: lease to own
You will need to immediately retain a lawyer to review the agreement/contract you had with the owner and possibly pursue a cause of action against him. Even if you have or could place a lien on the property for the amount of your interest in the house to date, there likely won't be money left over after the foreclosure and your lien would get discharged. What action you could take depends on the terms of your contract and whether it is a land contract, a lease with the option to buy, and how much of your money was to be applied towards the purchase price of the house.
If you would like a lawyer to review your documents and provide an opinion, please contact me to schedule an appointment.
Thank you.
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