Michigan Land Trust VS Seller Finance for Deed

Investor · Cathedral City, CA · Member since 2017 · 76 posts · 25 votes

I need some help on Land Trusts in Michigan. Is a Land Trust the only way to do Seller financing in Michigan? I would rather control and hold title if buying property with seller financing rather than doing a Land Trust where the seller remains on title.

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Michael SmytheBusiness Member
Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
2y
@Phillip Vaughan you could do an actual mortgage + note.
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Chad U.
Investor · Boca Raton, FL · Member since 2012 · 1k+ posts · 1k+ votes
2y
Quote from @Phillip Vaughan:

I need some help on Land Trusts in Michigan. Is a Land Trust the only way to do Seller financing in Michigan? I would rather control and hold title if buying property with seller financing rather than doing a Land Trust where the seller remains on title.
I think you may be referring to Land Contracts, which is where the title of the property remains in the seller's name until the loan is paid off.

As mentioned above, instead the seller can deed the property to you and you take on a Note and Deed of Trust (mortgage). You should ensure the docs are drafted up by an attorney and/or title agent to ensure compliance, as well as the closing.
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