Forms
Where is the property located?
Alcona CountyAlger CountyAllegan CountyAlpena CountyAntrim CountyArenac CountyBaraga CountyBarry CountyBay CountyBenzie CountyBerrien CountyBranch CountyCalhoun CountyCass CountyCharlevoix CountyCheboygan CountyChippewa CountyClare CountyClinton CountyCrawford CountyDelta CountyDickinson CountyEaton CountyEmmet CountyGenesee CountyGladwin CountyGogebic CountyGrand Traverse CountyGratiot CountyHillsdale CountyHoughton CountyHuron CountyIngham CountyIonia CountyIosco CountyIron CountyIsabella CountyJackson CountyKalamazoo CountyKalkaska CountyKent CountyKeweenaw CountyLake CountyLapeer CountyLeelanau CountyLenawee CountyLivingston CountyLuce CountyMackinac CountyMacomb CountyManistee CountyMarquette CountyMason CountyMecosta CountyMenominee CountyMidland CountyMissaukee CountyMonroe CountyMontcalm CountyMontmorency CountyMuskegon CountyNewaygo CountyOakland CountyOceana CountyOgemaw CountyOntonagon CountyOsceola CountyOscoda CountyOtsego CountyOttawa CountyPresque Isle CountyRoscommon CountySaginaw CountySaint Clair CountySaint Joseph CountySanilac CountySchoolcraft CountyShiawassee CountyTuscola CountyVan Buren CountyWashtenaw CountyWayne CountyWexford CountyMichigan Memorandum of Land Contract
This form serves as notice that the Seller has agreed to sell, and Buyer has agreed to buy a specific property. Record this instrument when a Land Contract has been completed. This is done for a variety of reasons.
A Memorandum of Land Contract serves as a notice to the "world" that a specific property is under a seller-financed purchase agreement.
Often used when parties want the details of a Land Contract to be kept private.
Why a buyer needs a recorded Memorandum of Land Contract. It is important to prevent loans or encumbrances being placed on the property by the existing Deed holder. Encumbrances have been placed on properties even though the Contract states they can't. This can be devastating for a buyer who has made payments. For protection either the Land Contract document or a Memorandum of Land Contract document should be recorded.
Why a Seller needs a recorded Memorandum of Land Contract. When owner financing is involved, and a buyer needs to finance property at a later point in time, a Lending Institution will most likely require a recorded Memorandum document. Further, banks like to see a history of payments, at least 12 months, often referred to as "Seasoning" a recorded Memorandum proves the subject property was under contract at a specific time.
(Michigan MOC Package includes form, guidelines, and completed example) For use in Michigan Only.