It is important to know that in Michigan someone can actually take your land if you are not careful. Typically it is not done intentionally but the result can be quite contentious and a law suit most likely will follow. One way to take someone else’s property is by adverse possession.  Adverse Possession (definition) – a method of acquiring title to real property that is owned by someone else by holding open, continuous, hostile and notorious possession for a statuary period of time.

The amount of time needed in order for adverse possession to take place in Michigan is 15 years and it must be uninterrupted for the entire 15 years. Here is an example:                  Two neighbors live in the country side by side. Both of the properties...

Over the years you may have signed an agreement to purchase something of value. It could have been a vehicle, boat, business, equipment or other items of value. You may have also entered into an oral agreement of some sort with a neighbor, business partner, customer or the like. In some cases the oral agreement are legal and enforceable and in other cases it may be been a comment instead of an agreement that is not enforceable. If you watch TV at all you may have seen episodes of Law and Order, Judge Judy or some other legal show that talks about contracts. In Michigan, oral contracts or agreements are not valid when it comes to real estate. Contracts dealing with real estate must be in writing according to the law. The reasoning behind this law is to prevent disputes between parties or claims of fraud that could arise from verbal communication. ...

Based on recently released figures, distressed home sales had an impact on December home sales both locally and nationally. Distressed homes are those properties that have been repossessed by lenders, REO’s (typically banks) and short sales (homes currently for sale by the owner before the bank has repossessed the property.) Both, REO’s and short sales are sold for less than what is owed to the lender. In December 2011, the average home price in Greater Kalamazoo declined by 1.01% to $130,474 as compared to December 2010 price of $131,836. These home prices included both normal resale and distressed homes. However, the number of residential homes that sold increased from 3479 units in December of 2010 to 3553 units in December of 2011. This positive number in addition to the lower number of units entered into the system...

You may have heard of eminent domain before but never really understood what it means. By definition it means “the constitutional right of the governmental agencies, public corporations (such as schools), public utilities, and public service corporations (such as railroads and hospitals) to take privately owned property for a public use or benefit with just compensation to the owner.” The key point to this is just compensation. The governmental agency that may be taking your property must compensate you according to fair market value. Many times fair market value is determined by an appraisal or other methods are used as well such as a negotiation directly between the property owner and the governmental agency. Many of you may remember a couple years ago when...

Due to the economy, many people are worried about being or are in the process of foreclosure and do not understand the procedure. This is never a pleasant experience for anyone, the homeowner or the banks. In order to know how a lender can foreclose on your property you should look at your documentation.  Most properties in Michigan and Kalamazoo County are foreclosed “by advertisement.” The State of Michigan created a statute that determines the foreclosure procedure and the process must be followed according to the statute or the foreclosure could be considered invalid. You may have heard on the news the various lawsuits in the works by various states. The lawsuits...

Most people have heard of and are familiar the word “Fraud” and its negative connotation. In the State of Michigan we also have the word “Nondisclosure” which is also referred to as “Silent Fraud.”

If you are a seller, you would have been asked by your real estate professional to fill out a “Sellers Disclosure” form. This form is used to give potential buyers additional information regarding your home and property they would not know by looking on the Multiple Listing Service (MLS) or the printout given to them by their buyer’s...

Property restrictions come in many forms and from many places - the State of Michigan, Kalamazoo County and your local jurisdiction. Some you may be aware of and others may be new to you.

Public Restriction – these are typically zoning ordinances or those imposed by your local governmental agency. Deed Restrictions – these are what most people refer to as building & use restrictions and can be presented in two forms The restrictions can be listed on the actual deed The restrictions are in the form of “plat restrictions” or neighborhood restrictions that were previously recorded with the county Register of Deeds. If your home is part of a Neighborhood Association or Homeowners Association you will typically...

 

Can you believe that there are only two Saturday's left to shop until Christmas?

As you venture out this final week to do your shopping, keep in mind these few tips to help keep you and your belongings safe. Most of these tips can be useful year-round for shopping.

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Now that halls are ready to be decked with holly, and the lights are going to be strung on the tree, it is time to make sure that you follow some simple safety guidelines so that you and your family can enjoy a happy holiday season.

Decorations: Use only flame resistant materials to decorate a tree. Never use lighted candles on a tree or near other flammable items. Make sure candles are out of the reach of children...

As you are preparing for Thanksgiving and then the busy holiday season immediately following, are you wondering if it is worthwhile to try to sell your home during this time of year. Should you take it off the market during the holidays? Will the home sales be better in 2012?

Some questions to keep in mind as you make this decision:

is your home ready to sell? Most buyers prefer homes that are in their opinion in “move-in” condition. If you have done the work and your home is ready to show, then why take it off the market? “how much competition is there in my market?” In some areas, there are a limited number of properties to choose from, and now could be the best time to take advantage of this opportunity to sell. ...