Royal Oak

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Title companies, lenders, real estate agents, and attorneys may conduct closings. Conveyance is by warranty deed which must give the full consideration involved or be accompanied by an affidavit which does. Many transactions involve land contracts. Mortgages are the security instruments. Private foreclosure is permitted; it requires advertising for 4 consecutive weeks and a sale at least 28 days following the date of first publication. The redemption period ranges from 1 to 12 months. Michiganders use ALTA policies and endorsements. Buyers generally pay closing costs and the lender’s title insurance premium, and sellers pay the state transfer tax and the owner’s title insurance premium. Those property taxes which pay for city and school expenses fall due July 1st; others (county taxes, township taxes, and some school taxes) fall due on the first of December. In many tax jurisdictions, taxpayers may opt to pay their taxes in two equal installments without penalty.

Due dates vary.

YES. Property management is considered a real estate activity under existing Michigan real estate licensing laws. Under the Michigan Public Act, anyone who engages in property management must have a real estate broker's license, unless they are a real estate salesperson employed by a real estate broker to engage in property management. Property management is defined as: the leasing or renting, or the offering to lease or rent, of real property of others for a fee, commission, compensation, or other valuable consideration pursuant to a property management employment contract. However, if the activities provided do not include leasing or renting services, a license is not required.

Yes. For example, direct employees of a property owner engaging in property management for that owner need not be licensed. For more information about these and other Michigan property management requirements and exceptions, please contact the Michigan Department of Licensing and Regulatory Affairs. Before hiring a property manager to manage your Michigan rental property, you should always check that he or she is licensed appropriately. You can check the license status of Michigan property managers and the Michigan's License Verification website.

NO. A broker's license is not required to manage community associations or condo associations in Michigan.

Michigan real estate broker licensing requirements include: - Trustworthiness: must provide evidence of good moral character - Experience: Minimum of three years full-time experience in real estate - Education: 90 clock hours of approved broker level education - Exam: pass the broker licensing examination

Michigan real estate salesperson licensing requirements include: - Trustworthiness: must provide evidence of good moral character - Education: 40 clock hours of approved real estate fundamentals - Exam: pass the salesperson licensing examination