Detroit Business Law – Resources for Metro-Detroit Businesses
Resources for Metro-Detroit Businesses
Owning property with others is often laden with pitfalls. Problems arise more easily than do means for solving them. In its recent opinion Hrit v. McKeon, the Michigan Court of …
Joint Tenants With Rights of Survivorship Not Able to Unilaterally Partition Property Read MoreThe term “mortgage” is often used interchangeably as “debt” (i.e. “I need to pay my mortgage”). However, a mortgage is actually the security interest in real property that is held …
Court May Choose Not To Enforce Equitable Mortgage Where Mistake In Mortgage Documents Could Have Been Easily Avoided By Lender Read MoreThe Court of Appeals, in its unpublished opinion in Tuscany Grove v. Gasperoni (June 24, 2014), affirmed the lower court’s dismissal of claims by a condominium association against one of …
Organizations Required to Follow Bylaws in Bringing Lawsuit Read MoreThe Plaintiff in the recent unpublished Michigan Court of Appeals decision Fraki v. Fraki shared a joint tenancy with right of survivorship in certain property with his mother. A joint …
Interest in Joint Tenancy with Right of Survivorship Transferable; Lack of Notarization on Deed Will Not Necessarily Defeat Transfer Read MoreSince 1994, property taxes in Michigan have been capped. This means that if a property becomes more valuable over the years, the property tax will not increase based on the …
Family Transfers Exempt From “Uncapping” Under New Michigan Law Read MoreRedemption is the period after a foreclosed home has been sold at a foreclosure sale, when the homeowner can still reclaim their home. Currently, Michigan law provides different redemption periods …
New Creditor-Friendly Redemption Statute Takes Effect January 10, 2014 Read MoreLIKE KIND EXCHANGES UNDER INTERNAL REVENUE CODE SECTION 1031 Prior to 2000, the real estate market was so hot that a property might appreciate more than 20% overnight, especially at …
Introduction to the 1031 Exchange Read MoreWith the rise in planned unit developments, condominiums, and newer large-scale subdivisions, deed restrictions are increasingly common. In fact, nearly 60 million people live in homes governed by deed restrictions. …
Michigan Court of Appeals Orders Family to Tear Down Home Read MoreIn a recent case, Rule v US Bank, the Michigan Court of Appeals declined to broaden the definition of “Owner” under MCL § 600.6023(1)(h). In 1999, the plaintiff, Wanda, became …
Michigan Court of Appeals Declines To Expand Definition of Owner Under Michigan Homestead Act Read MoreThe Michigan Supreme Court this afternoon issued a short (two page) Order that reversed the Court of Appeals opinion in Residential Funding Co. v Saurman, which I discussed previously. The …
Breaking: Saurman Reversed Read More