Property Management
In Michigan, a residential lease for more than 1 year must be:
AApproved by LARA
BIn writing to be enforceable under the Statute of Frauds✓ Correct
CNotarized
DRecorded at the county register of deeds
Explanation
Michigan's Statute of Frauds requires leases for more than one year to be in writing to be legally enforceable. Oral leases for more than one year cannot be enforced.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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