To Lease or Not to Lease???
Residential property owners considering leasing property in Michigan, may want to consider some important factors.
Generally, a lease may be oral or written.
Whether oral or written, the lease defines the relationship between the parties and governs use and/or possession of property. Therefore, it's important to be clear on the terms of that relationship.
A residential lease is generally subject to statutory regulation not typical in the commercial leasing context. Residential landlords seldom revisit their leases and some continue to use the same lease for many years. It’s important to revisit older leases because changes in the law may invalidate certain provisions or may mandate new provisions.
Among the specific legalities to note under Michigan law is that Michigan residential leases are subject to certain security deposit act requirements (whether written or oral leases). By way of example and not limitation, landlords may not require a security deposit unless the landlord timely notifies the tenant, in writing, of the landlord’s pertinent information for communications under the security deposit act, the name and address of the financial institution where the deposit is maintained (or surety company), and the tenant’s obligation to provide forwarding mailing address timely after termination of the tenancy.
To learn more about this topic, or other legal issues, please contact Anissa C. Hudy, 248.417.9154 or email at ahudy@hudylaw.com (website - www.hudylaw.com).
Anissa Hudy focuses her practice on general business, real estate and commercial contracting, workout and litigation.
This article nor any of the other articles posted on my page are intended to constitute legal advice and may not be construed to as providing legal advice or forming an attorney-client relationship.
