Land Contract Law

Steve Sowell has been representing land contract vendors throughout his career. He has helped thousands of land contract vendors obtain either reinstatement of defaulted contracts or possession of the property.

Michigan provides two remedies to a land contract vendor (the seller) upon default: land contract forfeiture and land contract foreclosure. Steve has prepared a comparison of the two remedies.

The Michigan Legislature recently amended the statutes regarding land contracts to provide for a mortgage on either a vendor's (seller's) or a vendee's (buyer's) interest. Steve Sowell hopes that this new act will result in more lenders getting involved in land contract lending, as it can only bring additional real property capital to Michigan.

Useful Links:

A form of land contract (as well as other real estate forms) can be found at the Philip F. Greco Title Company web site in its forms section.