Lease option and land contract sales are not mortgages

Michigan Office of Financial and Insurance Regulation (OFIR) recently issued a statement advising that land contracts and leases with options to buy are not considered “Residential Mortgage Loans” according to MCL 565.351, et seq. and the MLOLA.

Why does this matter ? We landlords and L/C sellers thought we’d need to be licensed as a loan originator – but not.

Tenants may break lease if fear of danger exists

Michigan rental agreements should now contain a provision that states, “A tenant who has a reasonable apprehension of present danger to him or her or his or her child from domestic violence, sexual assault, or stalking may have special statutory rights to seek a release of rental obligation under MCL 554.601b.” If a rental agreement doesn’t have this provision in it, a landlord must post a written notice of it in a visible place in their office, or deliver a written notice to the tenant when the lease agreement is signed.

Does not apply to joint signors…Contact me for more information

A checklist library

Found a good list of maaaany different types of property checklists for care/purchase/upgrades, etc.