Sale of investment property after 12 months

[Sridhar D.]

I am looking to sell my investment property to my renter after 12 months. I want to know if a sale agreement offering the buyer (renter) the option to buy the home after 12 months a valid/legal contract in the state of Michigan. If legal, is there anything specific that I need to include in the agreement other than the sale date and sale price to make it ironclad ? I will certainly hire a real estate lawyer to draw up the contract but I was hoping to get some advice from the knowledgeable folks in the forum.

[Andrew Syrios]

I think you're just looking for a lease option which should be legal in Michigan. You just need the lease, the option/purchase agreement. Of course, you should have a local attorney look it over to make sure it's in compliance with the laws in your state/municipality.