| Real estate refers to land, whether it | | | | disputes, and handle other matters |
| is used for residential, industrial or | | | | regarding the evaluation of property, |
| commercial purposes. Real estate has | | | | and disputes between architects, |
| become a hot topic in Michigan after the | | | | contractors and engineers. Some of the |
| state legislature amended the | | | | laws in the real estate domain include |
| constitution to prohibit eminent domain | | | | property laws, tenant laws and |
| seizures of property from private owners | | | | construction acts.Some of the common |
| solely for the purpose of transferring | | | | lawsuits regard foreclosure, a process |
| it to other private owners for economic | | | | in which mortgaged property is sold off |
| development or to increase tax revenues. | | | | to pay the loan of the defaulting |
| This negated an earlier court | | | | borrower. Equity skimming is a scam |
| ruling.Real estate laws are enacted by | | | | exploiting the foreclosure procedure, in |
| the state and the department of Housing | | | | which the scamster lures the financially |
| and Urban Development, so homebuyers can | | | | troubled property owner to deed out the |
| have a hassle-free and fair buying | | | | property, promises to pay the mortgage |
| process. Laws also regulate mortgage | | | | and later defaults on the mortgage |
| rates, and cover landlord-tenant issues | | | | payment and allows a foreclosure |
| and other commercial transactions. | | | | procedure. Other lawsuits are related to |
| Michigan has enacted laws to regulate | | | | the ownership of the property and |
| the practice of real estate brokers, | | | | landlord-tenant cases.Besides lawsuits, |
| salespersons and appraisers. These are | | | | real estate lawyers handle a broad array |
| approximately 4,500 appraisers, 20,000 | | | | of real estate transactions for |
| brokers and 40,000 salespersons overseen | | | | developers, individuals and businesses. |
| by the Michigan state board.Real estate | | | | These include the drafting of deeds for |
| laws are designed to prevent fraudulent | | | | property transfers, land contracts, |
| behavior during home-buying | | | | leases, construction contracts and |
| transactions, establish clear titles for | | | | mortgages. They help provide services in |
| properties, clarify landlord-tenant | | | | insuring properties. |