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Short-terms rentals have become increasingly popular with real estate investors and those who want to purchase a retirement or vacation home for the future but are willing to rent it to vacationers during the intervening years. Whether you are consid…
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Do you hear a soft exhale on the summer breeze? Home sellers statewide are breathing a collective sigh of relief. Just last week, the Michigan Supreme Court overturned a 2021 Court of Appeals decision that made home sellers liable for a building code…
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A shopping center’s tenants may include gyms, retailers, and restaurants. However, the landlord will likely present all tenants of the shopping center with the same boilerplate “form lease” that does not account for the tenants’ different nee…
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Michigan homeowners can claim an exemption on the property taxes levied against their primary residence. The size of the exemption is not insignificant. If the “taxable value” on your notice of assessment is $150,000, for example, the “principa…
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Section 1031 of the Internal Revenue Code provides a valuable tax deferral mechanism for real estate investors. The provision, commonly referred to as a “like-kind exchange,” allows for the exchange of one investment property for another…
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Many commercial leases contain a provision either permitting or prohibiting the parties from recording a Memorandum of Lease. Although a Memorandum of Lease is not the most complex aspect of any lease, it may provide crucial protection to certain ren…
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Unlike residential tenants, most commercial tenants were not relieved of the obligation to pay rent during the pandemic. In a recent case, the tenant alleged that the purpose of the lease—to use the property to operate a gym—was frustrated by the…
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Commercial property owners wishing to obtain financing will likely be required by their lender to sign a document generically referred to as an “assignment of rents and leases” as additional security for repayment of the loan. In the even…
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A family cottage can be a gathering place that brings loved ones together generations to come. Unfortunately, without a proper succession plan, disputes over ownership and operation can lead to litigation among the family. Consider the example of a c…
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Retaining a principal residence exemption (“PRE”) can sometimes be tricky. (The PRE exempts a homeowner’s principal residence from property taxes levied for school operating expenses.) Naturally, the tax assessor wants to collect every tax doll…
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