Can a home owner enter into a michigan land contract if they still have a mortage on the property?
Question : Can a home owner enter into a michigan land contract if they still have a mortage on the property?
Does the new owner pay the taxes and insurance?
michigan property insurance
Best answer:
Answer by acermill
To do so is not against the laws of the State of Michigan, but it may be in violation of the mortgage agreement currently held between the owner and his lender.
Taxes, insurance and the like are to be part of the agreement between seller and buyer.
Home insurance covers lots of different things. I’m not familiar with the Michigan regulations, so I suggest you call a nearby home insurance agent. http://www.goodinternetdeals.com/Home-Insurance.html They will be able to help you.