Lake County Full Discharge of Memorandum of Contract Form

Additional Michigan and Lake County documents included at no extra charge:

Where to Record Your Documents

---

Cities and Jurisdictions in Lake County

Properties in any of these areas use Lake County forms:

• Baldwin
• Chase
• Idlewild
• Irons
• Luther

---

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.

Important: Your property must be located in Lake County to use these forms. Documents should be recorded at the office below.

This Full Discharge of Memorandum of Contract meets all recording requirements specific to Lake County.

Our Promise

The documents you receive here are guaranteed to meet or exceed the applicable Lake County recording format requirements. If there is a rejection caused by our formatting, we will correct the issue or refund your payment. This guarantee applies to document formatting only and does not extend to information entered by the user, the selection of the form, or the legal effect of the completed document.

Save Time and Money

Get your Lake County Full Discharge of Memorandum of Contract form done right the first time with Deeds.com Uniform Conveyancing Blanks. At Deeds.com, we understand that your time and money are valuable resources, and we don't want you to face a penalty fee or rejection imposed by a county recorder for submitting nonstandard documents. We constantly review and update our forms to meet rapidly changing state and county recording requirements for roughly 3,500 counties and local jurisdictions.

4.8 out of 5 - ( 4764 Reviews )