In many states, including Michigan, renting from a property owner requires that certain documents be filled out and that appropriate identification be presented. Real estate attorneys across that states all agree that it is important to read through lease agreements thoroughly before signing them. But what happens when a landlord
In the wake of a particularly rough recession, families in Michigan and across the United States have seen everything from lost jobs to lost homes. When the housing market dipped to its all time low recently, home foreclosures forced many families to choose renting over ownership. For the past two
As we discussed a few weeks back, online or digital assets can be problematic for some Michigan residents as people increase their online presence, the amount of information they access and store online grows. The growing use of email and paperless bill paying has created a situation where vital records
Some developers choose to offer a portion of the units for cash-only sale, while offering the others as apartments for rent. Cash only offers a benefit to developers, since many commercial mortgage companies won’t lend for a building that is less than 51 percent sold. By offering a smaller number
Government officials recently announced the sale of almost 700 distressed homes that it owns as a result of defaulting homeowners with government-backed mortgages. The problem of what to do with all of this real estate has apparently been creating some uncertainty in the market. While experts say that the recent
The death of a loved one can be a difficult matter to handle. Emotions are riding high and level heads are few and far between. If the deceased is without a will to specifically advise survivors on how to distribute the estate’s assets and survivors disagree on what should happen
Deciding whether to rent or own a home is a big decision for Oakland County residents. Many families are still getting back on their feet after the tough recession, and choosing how and where to spend money and determining the best type of investments can be difficult. Housing prices and
As discussed in last week’s post we will continue this week on the importance of remembering digital assets in estate planning activities. Many in Michigan and elsewhere spend a good portion of their time online performing a variety of activities from gaming to investing and sharing photos. In doing so
The number of sales of previously occupied home has risen 7.8 percent between August and July this year. The increased activity in the housing market is at its highest level in over two years, at a seasonally adjusted rate of 750,000. The new numbers are significant because they are higher
As the housing market in Detroit continues to improve, many residents are considering an investment property or a second home. Others are considering renting out an existing second home or condo to cover mortgage payments while they wait to sell. In a situation, becoming a landlord can be both rewarding
Welcome to the digital age where we now have to consider such mundane things as our Facebook login credentials in our estate plan if we want our loved ones to have access to it upon our passing. Many Michiganders often forget about digital assets when planning their estate, both non-financial
City and state officials announced a plan this week to transfer management and fiscal responsibility for Detroit’s Belle Isle park to the state government. The lease will run for 30 years and is a part of a larger plan to upgrade and beautiful the deteriorating island. The park is one
A bill proposed by Michigan state legislator Mike Kowall (R-White Lake Township) aims to breathe new life into the state’s many “brownfield sites.” According to the environmental protection agency’s (EPA) website, a brownfield site is one that is not easily repurposed, reused or expanded upon due to the “presence of
The investment bank Lehman Brothers, which declared bankruptcy in 2008, is working to sell its commercial property holdings in the Detroit area. Among the real estate holdings that Lehman is looking to sell is an officer tower that overlooks Detroit’s riverfront and the border with Canada. The company will also
Michigan residents may have heard that iconic television star Sherman Hemsley, star of “The Jeffersons” passed away several weeks back. And as is rather common when a celebrity dies, long lost relatives pop up to contest the will and delay probate for whatever reasons. Such is the case with Sherman
In our last post we wrote about the rising home prices in Detroit. The city led the nation in gains this summer, topping out at six percent in May and June. Some experts say that the modest increases in markets all over the country could be a signal that the
Home prices rose by six percent in the Detroit area in May and June, leading the country in growth in what many experts say is a rebounding housing market. The average increase nationwide was 2.3 percent. “We seem to be witnessing exactly what we needed for a sustained recovery; monthly
As discussed in last week’s post, there are a number of life events that should trigger a review of your estate planning goals and documentation, including a marriage, divorce or death in the family. Often certain aspects of an estate plan are missed in a divorce, such as changing the
Though real estate law often deals more in disputes than in vacations, purchasing a vacation home can be a great investment for you and your family, and by using the law, you can work to protect your new asset. Negotiating for the best purchase agreement is a great move with
Moving a child into their first college dorm has been a right-of-passage for many families as an offspring moves onto the next phase of their life. However, the dorm system is losing its popularity and more and more students are choosing to live off campus. College towns or neighborhoods with
If you already have an estate plan in place you are way ahead of the curve. Having a proper estate plan means you care enough about your estate and your loved ones to ensure they are handled appropriately upon your death. Having an estate plan is only one step in
We’ve written in the past about the difficulty faced by owners who invested in a larger, more luxurious home during better economic times. Many owners who bought in the early 2000s have continued to hang onto their homes even as the mortgages may be underwater, in hopes that the prices
Housing data from July has many market watchers optimistic about the recovery in Detroit. Last month, home sales rose by about 11 percent and the median sale price rose 12.2 percent after months of decline. As recently as a year ago, many houses in the metro area were selling below
When people in Michigan plan their last will and testament, they do so with the idea their final wishes will be followed to the letter of the law. Even though music icon James Brown’s estate plan specifically states that anyone who contests his will should not receive anything from his
Big box stores like Target and Walmart have been making headlines recently as new locations of the traditionally suburban warehouse stores are popping up in cities. The stores are smaller in size and designed differently and carry different merchandise that is packaged differently than suburban stores. Urban shoppers have previously
Oftentimes when a child turns eighteen in Michigan and elsewhere it is not considered a major deal, except to the child maybe. But did you know that once your child turns 18 years of age you could be kept out of certain decisions regarding their healthcare, among others? Without a
Mortgage-backed securities made the news frequently in the first part of the recession when the housing bubble burst. A mortgage-backed security is basically an investment in the loans that are given to mortgage holders and entitles the investor to a share of the profits from that loan. This type of
The home price index published by the S&P and Case-Shiller is one of the central economic indicators that many experts use to evaluate the recovery. While single months of data are not definitive indicators of how the economy or the housing market is doing overall, the numbers that come out
The State Bar of Michigan is planning on holding estate planning seminars this week in western Michigan with the goal of arming senior citizens with as much estate planning information as possible in the one-hour sessions. The five sessions are part of a total of 28 seminars that will be
A Flint man recently discovered that the deposit he put down on a house for rental was gone, and that the woman he thought was his new landlord didn’t actually own the property. Reports indicate that the man found the house on Craigslist.org, a free classified ads site. The man
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