Michigan statute MCL 565.361 governs the release of a Memorandum of Contract related to land contracts, mortgages, or security assignments.
Here's how it affects the release: If a party has fully fulfilled its obligations under a land contract (e.g., the buyer has paid in full), the seller must execute a conveyance of land or provide a release of security interests.

Requirement to Provide a Release or Discharge: When a land contract mortgage or security assignment is fully satisfied, the party holding the interest (usually the seller or lender) must provide a discharge or release.

Failure or Refusal to Provide a Release: If a party fails or refuses to execute the required release or discharge after full payment, they may be subject to legal penalties and enforcement actions.
Marketability of Title: The statute ensures that once obligations are met and the necessary releases are executed, the property’s title is marketable, meaning it can be freely transferred or sold.

Enforcement & Penalties: If a seller or lender wrongfully withholds a release, the buyer or borrower can seek enforcement through legal action.

Subordination to Other Interests: The statute clarifies that certain real estate interests may take priority over a land contract, affecting the order of enforcement.

Effect on the Release of a Memorandum of Contract: A Memorandum of Contract is often recorded in place of a full land contract to put the public on notice of an agreement. When obligations are fulfilled, this statute requires the release of such a memorandum to clear the title.

Failure to release the memorandum after obligations are satisfied could lead to legal action and possible penalties under this law.

How to Use This Form

Select your county from the list above
Download the county-specific form
Fill in the required information
Have the document notarized if required
Record with your county recorder's office

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Common Uses for Full Discharge of Memorandum of Contract

Document the terms of a private real estate sale between buyer and seller
Record a memorandum to protect the buyer's equitable interest
Sell property with seller financing instead of a traditional mortgage
Document the abandonment of a buyer's interest in a land contract

Compare other Michigan deed forms and documents

Quitclaim Deed Lady Bird Quitclaim Deed Gift Deed Warranty Deed Special Warranty Deed Grant Deed Correction Deed Easement Deed Termination of Easement Warranty Deed with Enhanced Life Estate Mortgage Secured by Promissory Note Mortgage Subordination Assignment of Mortgage Discharge of Mortgage Partial Discharge of Mortgage Assignment of Leases and Rents Discharge of Assignment of Leases and Rents Land Contract Memorandum of Land Contract Durable Power of Attorney Power of Attorney - Seller Power of Attorney - Borrower/Buyer Mineral Deed Mineral Deed with Quitclaim Covenants Personal Representative Deed Notice of Commencement Notice of Furnishing Sworn Statement of Account Claim of Lien Partial Conditional Waiver of Lien Partial Unconditional Waiver of Lien Full Conditional Waiver of Lien Full Unconditional Waiver of Lien Discharge of Lien Disclaimer of Interest Certificate of Trust MCL 700.7913 Lis Pendens Lis Pendens Release

Important: County-Specific Forms

Our full discharge of memorandum of contract forms are specifically formatted for each county in Michigan.

After selecting your county, you'll receive forms that meet all local recording requirements, ensuring your documents will be accepted without delays or rejection fees.

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