Farmington Real Estate Lawyer, Michigan, page 5

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Samuel A. Hurwitz

Power of Attorney, Real Estate, Elder Law, Civil & Human Rights
Status:  In Good Standing           Licensed:  43 Years

Rose M. Dasaro

Criminal, Private Schools, Real Estate Other
Status:  In Good Standing           Licensed:  33 Years

David L. Kull

Real Estate, Estate Planning, Guardianships & Conservatorships, Elder Law
Status:  In Good Standing           Licensed:  56 Years

Rod A. Dunlap

Real Estate, Insurance
Status:  In Good Standing           Licensed:  39 Years

Sarah Heisler Gidley

Landlord-Tenant, Real Estate, Litigation, Corporate
Status:  In Good Standing           Licensed:  29 Years

Ann M. Howard

Construction, Child Support, Contract, Bankruptcy
Status:  In Good Standing           Licensed:  31 Years

David W. Gillam

Land Use & Zoning, Traffic, Limited Liability Companies, Municipal
Status:  In Good Standing           Licensed:  38 Years

Stephanie Simon Morita

Real Estate, Federal Appellate Practice, Limited Liability Companies, Administrative Law
Status:  In Good Standing           Licensed:  29 Years

Michael F. Jacobson

Construction, Leisure, Corporate, Personal Injury
Status:  In Good Standing           Licensed:  31 Years

Harry M. Eisenberg

Tax, Real Estate, Estate, Commercial Real Estate
Status:  In Good Standing           Licensed:  46 Years

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LEGAL TERMS

DEVISE

An old legal term that is generally used to refer to real estate left to someone under the terms of a will, or to the act of leaving such real estate. In some s... (more...)
An old legal term that is generally used to refer to real estate left to someone under the terms of a will, or to the act of leaving such real estate. In some states, 'devise' now applies to any kind of property left by will, making it identical to the term bequest. Compare legacy.

ESTATE

Generally, all the property you own when you die.

SHORT SALE (OF HOUSE)

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale ... (more...)
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. See also deed in lieu (or foreclosure).

LEASE OPTION

A contract in which an owner leases her house (usually for one to five years) to a tenant for a specific monthly rent, and which gives the tenant the right to b... (more...)
A contract in which an owner leases her house (usually for one to five years) to a tenant for a specific monthly rent, and which gives the tenant the right to buy the house at the end of the lease period for a price established in advance. A lease option is often a good arrangement for a potential home buyer because it lets him move into a house he may buy without having to come up with a down payment or financing at that time.

BASIS

For income and capital gains tax purposes, the value that is used to determine profit or loss when property is sold. Often the basis is what you paid for the pr... (more...)
For income and capital gains tax purposes, the value that is used to determine profit or loss when property is sold. Often the basis is what you paid for the property, 'adjusted' to reflect improvements made or damage incurred while you own the property. See stepped-up basis, carryover basis.

HOME WARRANTY

A service contract that covers a major housing system--for example, plumbing or electrical wiring--for a set period of time from the date a house is sold. The w... (more...)
A service contract that covers a major housing system--for example, plumbing or electrical wiring--for a set period of time from the date a house is sold. The warranty guarantees repairs to the covered system and is renewable.

RIGHT OF SURVIVORSHIP

The right of a surviving joint tenant to take ownership of a deceased joint tenant's share of the property. See joint tenancy.

HEIR

One who receives property from someone who has died. While the traditional meaning includes only those who had a legal right to the deceased person's property, ... (more...)
One who receives property from someone who has died. While the traditional meaning includes only those who had a legal right to the deceased person's property, modern usage includes anyone who receives property from the estate of a deceased person.

COVENANT

A restriction on the use of real estate that governs its use, such as a requirement that the property will be used only for residential purposes. Covenants are ... (more...)
A restriction on the use of real estate that governs its use, such as a requirement that the property will be used only for residential purposes. Covenants are found in deeds or in documents that bind everyone who owns land in a particular development. See covenants, conditions and restrictions.