QUESTION

I signed a land contract with someone else but I no longer want the land and want just my name off it

Asked on Jan 19th, 2022 on Real Estate - Michigan
More details to this question:
I need to know the steps to do this and what may happen.
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1 ANSWER

Real Estate Attorney serving Bloomfield Hills, MI
Partner at Borman-Lahti PLLC
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Depending on the situation, you may or may not want to walk away. First, you need to know how much the property is worth. Check online for a rough estimate and, if it is $10,000 more than the value of the land contract, you might be better off selling the property and getting some money. Next, if you are an African American living in a primarily African American part of the state, there is a class action lawsuit against Vision Property Management (or its affiliates), you might have certain rights under the lawsuit to compensation. Lastly, the current seller might, to avoid the costs of foreclosure and eviction, offer you some cash to move out. I highly recomend you speak to a real estate lawyer before just walking away.
Answered on Jan 19th, 2022 at 7:34 AM

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