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