Does a contract have to be in writing to be enforceable?

Adam Keilen Real Estate Law

Short answer. It depends. Statute of Frauds. State law varies; however, generally, pursuant to the Restatement (Second) of Contracts § 110, certain contracts, subject to a statute, are not enforced unless there is a written memorandum or an applicable exception. Examples of contracts that often must be in writing: A contract for an executor to answer for a duty of …

If I am sued, can they take my house?

Adam Keilen Real Estate Law

Some states recognize real estate ownership in the form of Tenancy by the Entirety (TBE), meaning, a judgment lien can’t be attached to the real property you own with your spouse (if held TBE). Thankfully, Michigan recognizes TBE. The only exceptions to this would be if someone sues both of you or if there is evidence of a fraudulent transfer. …

Truth in Lending; Mortgage Loans.

Adam Keilen Real Estate Law

As of June 1, 2013, Regulation Z has prohibited arbitration in mortgage lending. TILA and Regulation Z prohibit contracts that require arbitration in closed-end loans secured by a dwelling and open-end loans secured by a traditional consumer’s dwelling. The new regulations and the TILA provisions also provide that no mortgage loan agreement can be applied to “bar a consumer from …

Premises Liability for Business Owners

Adam Keilen Real Estate Law

Generally, as a small business owner, what duty do I owe to my customers, as it relates to premises liability? The duty owed to a business invitee (generally, someone who is there for a commercial purpose) places certain requirements on possessors of land. For purposes of our discussion, the business owner must: i. maintain the premises in a reasonably safe …