As the COVID-19 pandemic rages, Michigan’s real estate industry braces for a potential wave of foreclosures and evictions.
Applying lessons learned from the 2008 economic crash, mortgagees may want to consider challenging property tax assessments during pandemic crisis to protect the value of their collateral.
Under Michigan law, landlords may be able to recover future damages after a tenant vacates leased premises, even if the lease does not include an acceleration clause.
Michigan Court of Appeals clarifies mortgagor’s right of property redemption, regardless of the manner of foreclosure used.
Implied duties pertaining to contractual performance should not be misconstrued to allow for challenges to a contact’s fairness.
Proper documentation of personal property sales the best defense to a claim of conversion
Appellate court ruling allows receivers to sell property even if proceeds fail to compensate junior lien holders.
Creditors must closely scrutinize Chapter 13 cases to understand what debts are being discharged and to update business records to ensure discharged debts are not pursued post-bankruptcy.
Integration clauses cannot typically be used to defend against fraud in the inducement claims to invalidate a contract.
The use of clear and simple terms to describe a tenant’s repair and maintenance obligations in a commercial real estate lease can do wonders to avoid misunderstandings and disputes.
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