Buying a home is one of the most important financial decisions you will make. It is exciting and hard not to rush into it. Before starting to actively look for a home to purchase, you should consider the following steps so you will not waste time and…
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“Due diligence” has been defined as “research and analysis that a person or business performs in preparation for a business transaction”. Home buyer due diligence before buying a home is critical because it is one of the most important busi…
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Selling your house or condominium by yourself (For Sale By Owner-FSBO) can save you thousands of dollars, usually about 6% of the sale price in commissions, but it requires work. Although an experienced real estate agent can be a good marketer of you…
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Due to the recent volume of applications for Michigan’s State Real Estate Transfer Tax (SRETT) Refunds, there is currently a 12 to 16 week delay in the processing of the applications by the Michigan Department of Treasury. Nevertheless, the backlog…
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With lower property values due to the housing crisis a few years back, many homeowners are able to take advantage of an exemption contained in the Michigan Transfer Tax Act.
Sellers who meet the following three (3) requirements are exempt from paying…
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All sales contracts for condominiums should include a provision that a buyer’s attorney is to review and approve the condominium association’s documents, including master deed, bylaws, minutes from most recent annual meeting, current financial st…
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1. Failing to properly complete a Seller’s Disclosure Statement. There are many cases where a seller does not properly disclose information about the property on a Seller’s Disclosure Statement. This can lead to a buyer making a claim against th…
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Michigan has a new law, Public Act 310 of 2014, which has expanded the transfer of residential property to and from certain family members, trusts and probate estates, without causing the taxable value of the property to be “uncapped”. This is gr…
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NOTICE! LEGAL INFORMATION IN THIS ARTICLE IS OUT OF DATE DUE TO RECENT CHANGES IN THE LAW. PLEASE READ OUR UPDATED ARTICLE HERE: https://www.agerlawoffice.com/real-estate/2015/09/29/are-you-entitled-to-a-state-real-estate-transfer-tax-srett-refun…
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With the recent economic developments and tightening of credit, Buyers who have income but a low credit score due to a short sale, bankruptcy, medical bills, and other financial issues now find themselves dealing directly with the owner of property w…
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