Structure
The Michigan Land Contract form plays a crucial role in real estate transactions, particularly for buyers and sellers who opt for this method of property financing. This form outlines the agreement between the seller and the purchaser, detailing the obligations of both parties regarding payment terms, property description, and other essential conditions. One significant aspect of the form is the forfeiture notice, which alerts the purchaser when they are in default due to nonpayment of principal, interest, or other financial obligations such as taxes and insurance. The notice specifies the amount due, including any past due payments and additional costs, and sets a timeline for the purchaser to remedy the default. If the purchaser fails to act within the specified period, the seller may initiate forfeiture proceedings, which could lead to eviction. Understanding the intricacies of the Michigan Land Contract form is vital for both parties to ensure compliance and protect their interests throughout the transaction process.
Form Example
FORFEITURE NOTICE
LAND CONTRACT
(FORM DC 101)
Approved, SCAO
STATE OF MICHIGAN JUDICIAL DISTRICT
FORFEITURE NOTICE
Land Contract
CASE NO.
Court address |
Court telephone no. |
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1. You are notified that a certain land contract, dated |
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between |
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Name(s) |
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as seller(s) (party[ies] of the first part), |
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and |
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as purchaser(s) (party[ies] of the second part), |
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Name(s) |
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concerning the property at |
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Address or legal description of the premises |
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is in default because of nonpayment of installments of principal and/or interest, and also because of |
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unpaid taxes. |
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unpaidinsurancepremiums. |
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other: |
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Explain any other material breach claimed as the basis for forfeiture |
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2. You have forfeited your rights under the land contract, and payment is demanded by |
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Name |
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seller. |
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who holds the land contract as |
assignee of seller. |
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other: |
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. |
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3. The sum of $ |
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is now past due in principal and interest under the land contract, plus the sum of: |
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$ |
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for taxes. |
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$ |
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forinsurance. |
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$ |
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other: |
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The dates upon which payments were due are |
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4. The total amount due, or the material breach(es) of contract, must be cured or paid within |
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days* from |
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the date of the service of notice upon you. (*15 days, unless the parties have by contract agreed to a longer time.)
5.If the total amount due is not paid in full within the time stated, or if the material breach(es) is/are not cured within the time stated, the land contract will be forfeited, as provided in the contract, and you will be required to move out and give up the described property without further notice to you. IF YOU DO NOT MOVE OR PAY VOLUNTARILY, THE CONTRACT HOLDER MAY
TAKE YOU TO COURT TO EVICT YOU.
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Signature |
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(To be copied, if necessary, to attach to the Complaint) |
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DC 101 (3/12) |
FORFEITURE NOTICE, LAND CONTRACT |
MCL 600.5728, MCL 600.5730 |
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PROOFOFSERVICE |
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I, |
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state: |
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I served the above notice on: |
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Defendant |
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Complete address of service |
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Day, date, time |
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Defendant |
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Complete address of service |
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Day, date, time |
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by |
personalservice. |
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substitute service. |
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I could not serve by one of the above methods. Service was made by publication. |
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Signature |
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PROOFOFPUBLICATION |
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thepublisher |
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I, |
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, state that I am |
the agent of the publisher |
of |
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, a qualified newspaper. Attached is a copy of a notice |
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of forfeiture of land contract taken from the newspaper. The dates of publication were: |
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a. |
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, b. |
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, and c. |
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Signature |
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Subscribed and sworn to before me on |
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, |
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County, Michigan. |
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Date |
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My commission expires: |
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Signature: |
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Date |
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Notary public, State of Michigan, County of
Document Specs
| Fact Name | Details |
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| Form Title | Forfeiture Notice Land Contract (Form DC 101) |
| Governing Law | MCL 600.5728, MCL 600.5730 |
| Parties Involved | Includes seller(s) and purchaser(s) of the land contract. |
| Default Notification | Notice is given for default due to nonpayment of installments and unpaid taxes. |
| Payment Demand | Payment is demanded by the seller or the assignee of the seller. |
| Amount Due | Details the total amount due in principal, interest, taxes, and insurance. |
| Cure Period | The total amount due must be cured within 15 days unless otherwise agreed. |
| Consequences of Non-Payment | If not cured, the land contract will be forfeited, requiring the purchaser to vacate. |
| Service of Notice | Notice can be served personally, by substitute service, or by mail to the last-known address. |
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