Home Selling in Detroit>Question Details

Detroitcore, Both Buyer and Seller in Detroit, MI

I'm selling my home and considering seller financing. Who would I get to write up the note? An attorney?

Asked by Detroitcore, Detroit, MI Mon Sep 26, 2011

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8
Two years later, I think they've gotten the property sold by now.
0 votes Thank Flag Link Thu Oct 17, 2013
It's very important to have an attorney to write up the contract. Good luck!
0 votes Thank Flag Link Thu Oct 17, 2013
Any Local Title Company will write up a land contract and the memorandum of land contract.

Try, Title One 734 427 8000.

Nancy Robinson 248 224 1013
0 votes Thank Flag Link Thu Oct 17, 2013
Yes, call a local real estate attorney. They can guide you and help you draw up the contract. Good luck!
0 votes Thank Flag Link Tue Oct 15, 2013
I would be Interested abeer_ibrahim11@hotmail.com
0 votes Thank Flag Link Tue Oct 15, 2013
There's a big difference between seller financing using a mortgage and a note, and selling on a land contract. Land contracts in Michigan are only allowed to be written by an unlicensed individual if the seller had lived in the house as their primary residence. If the house was an investment property then the land contract must be negotiated and written by a licensed loan origator, attorney or real estate broker who is involved in the sale. Terms, interest rate and any fees are also contolled by state lending laws along with disclosures. Contact a real estate attorney or a local licensed loan originator to keep your financing compliant and all parties safe.
Web Reference: http://www.metro-mi.com
0 votes Thank Flag Link Sat Aug 11, 2012
Yes. As Eddie correctly says, it's more than just writing up a note. You want all the details of the purchase to be laid out to protect you. Absolutely see an attorney.

Hope that helps.
0 votes Thank Flag Link Mon Sep 26, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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You should definitely call an attorney to draft the land contract and have a reputable title company hold the deed in escrow for the duration of the contract. I would recommend attorney Nathan White in Royal Oak.
Web Reference: http://www.hudsonwhite.com
0 votes Thank Flag Link Mon Sep 26, 2011
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