Legal Question in Real Estate Law in Michigan
Purchasing a part of a parents property
I am going to purchase 2 of the 30 acres my parents currently own. We have had it surveyed, and approved by county, township, etc.... The only problem is that my parents have a mortgage on the property, they do not want to refinance because they have a low fixed rate. They owe about 50% of the value of the property so equity is not an issue. What are my options??
1 Answer from Attorneys
Re: Purchasing a part of a parents property
I'm wondering if your parents current mortgage and promissory note has a clause that prevents them from selling the property, such as an acceleration clause or something of that nature. You may want to have them contact their mortgage company to find out.
If you did purchase the property from them, pay them, and they gave you a deed, which you then filed with the register of deeds, you may stand in line with claim to the property subject to your parents lender.
(Please do not rely on this communication which does not create an attorney-client relationship and which is intended merely as a discussion of legal principles and is not to be relied upon.)
Perhaps we can clear this up if you email me directly at [email protected].
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