Property OwnershipGeneralEASY
In Michigan, a land contract is also known as:
Correct Answer
B) Contract for deed
A land contract in Michigan is also called a contract for deed, where the buyer makes payments to the seller who retains title until paid off.
Answer Options
A
Lease optionB
Contract for deedC
Mortgage assumptionD
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Related Topics & Key Terms
Related Topics:
financing-methodscontract-typesmichigan-real-estate-law
Key Terms:
land contractcontract for deedseller financingequitable titleMichigan MCL 565.356
Related Concepts
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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