Property Management
Michigan requires that a residential lease renewal or extension be treated as a new agreement for purposes of:
AResetting the security deposit maximum
BUpdating the maximum security deposit if the rent has increased✓ Correct
CRequiring a new credit check
DRestarting the lease term for eviction purposes
Explanation
Michigan's Security Deposit Act limits deposits to 1.5 months rent.
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Key Terms to Know
Short Sale
A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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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