Legal Question in Real Estate Law in Michigan
I want to sell property. I have the deed from the original owner, but not the assignment of purchaser's interest in land contract from the second owner(who I assumed the land contract from). She is deceased. Title co says I cannot sell without it. The attorney at the title co says he can fix this for $2000 and it would take 6 months. The land contract was paid years ago. We have paid all taxes. The bank who held the original land contract has destroyed all records. The land contract has been paid, why would this person have an interest in my property?
2 Answers from Attorneys
The interest needs to be extinguished thru probate. They are correct. The 6 mos is the time to complete probate, but you can sell right away. www.kliszlaw.com. Tim Klisz
Get a second opinion from a real estate attorney who can review your documents and the title insurance committment. Many title companies can and will insure over a "cloud" on the title if you have enough documentation to show your ownership and the chain of title. Land Contract payments are not real property, they are personal property, and where the money went from the land contract payments is not your problem. If you have a deed from the seller, and proof of payment of the land contract, then you should be able to move forward with the sale, and close. A real estate attorney can apply the law to the facts of your case once your documents have been presented and a title search completed.
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