Contracts
In a Michigan land contract (installment land contract), legal title:
APasses to the buyer immediately upon signing
BRemains with the seller (vendor) until the purchase price is paid in full✓ Correct
CIs held by the title company until payoff
DIs transferred to the county register of deeds at inception
Explanation
In a Michigan land contract, the seller (vendor) retains legal title while the buyer (vendee) receives equitable title. Legal title transfers to the buyer only when the full purchase price has been paid.
Related Michigan Contracts Questions
- Under Michigan law, the Seller's Disclosure Statement must be updated and re-delivered to the buyer if the seller becomes aware of a new material defect:
- In Michigan, a 'foreclosure redemption right' on a land contract means:
- A Michigan purchase agreement becomes a binding contract when:
- In Michigan, the 'merger doctrine' (or doctrine of merger) in real estate contracts holds that:
- In Michigan, a 'good faith' deposit larger than typical (e.g., 5-10% of purchase price) may be used by buyers to:
- In Michigan, a real estate contract becomes 'executory' when:
- In Michigan, a 'home inspection contingency' period typically runs from:
- In Michigan, 'zoning contingency' in a commercial purchase agreement allows the buyer to:
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →