Detroit Business Law – Resources for Metro-Detroit Businesses
Resources for Metro-Detroit Businesses
LIKE 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 MoreHire an Attorney. If you decide to hire an attorney, it important to hire the attorney before signing a Purchase Agreement. An attorney can help you navigate all the complicated …
5 Things to Consider When Purchasing a Home Read MoreIn a recent case, Powell v Romano, the Michigan Court of Appeals ruled that a bank’s mortgage was not valid against a party living on land under a land contract. …
Court of Appeals: Bank’s Mortgage Ineffective Against Resident With Unrecorded Land Contract Read MoreUnder Michigan law, the one-action rule prohibits mortgage holders from collecting in multiple ways. Under the rule, a mortgagee who forecloses on property may not file another action or proceeding …
Court of Appeals: One Action Rule Sometimes Prevents Collection on Guaranty Read MoreOne of the more technical areas of real estate law concerns liens. The most common lien that people are familiar with is home mortgages. Mortgages give lenders the right to …
Michigan Court of Appeals: Five-Foot Tall PVC Pipes Are Physical Improvements, Giving Priority to the Drilling Company’s Construction Lien 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 MoreOne of the bedrock principles of Michigan property law is that property held jointly by husband and wife is protected from the claims from one spouse’s creditors. However, a recent …
Federal Court Ruling Diminishes Michigan Property Rights 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 MoreIn zoning parlance, a non-conforming use is a property use that would violate the current zoning regulations, but which existed before the current zoning regulations were in place. One might …
Non-conforming Uses: You Might Want to Leave Them Alone Read More