The Michigan Supreme Court this afternoon issued a short (two page) Order that reversed the Court of Appeals opinion in Residential Funding Co. v Saurman, which I discussed previously. The Saurman opinion in the Court of Appeals had ruled that Mortgage Electronic Registration Systems, Inc. (“MERS”) could not foreclose by advertisement in the State of [...]
Mark Demorest, John Holmquist, and Dave Nykanen from Demorest Law Firm, PLLC were recently named “Michigan Super Lawyers” for 2011. Melissa Demorest has been named a “Rising Star”. The selection of “Super Lawyers” is based on a survey of thousands of fellow lawyers in the state of Michigan. Michigan Super Lawyers identifies the top 5 [...]
The Michigan State Tax Commission has, by way of Bulletin 14 of 2011, issued notification of the 2012 inflation rate multiplier, to be used for calculating 2012 taxable values. The multiplier is 1.027, or a 2.7% increase. Therefore, pursuant to Michigan statute enacting Proposal A of 1994, the 2012 taxable value for your property, absent [...]
In Michigan, there are three general types of deeds that are used in real estate transactions: quit claim, covenant, and warranty. Each of these deeds has a different legal impact. Sellers and buyers of real estate should fully understand the impact of the deed they are asked to sign, or accept. The deed with the [...]
There are two general types of leases that you may encounter when leasing commercial property. One type of lease is generally referred to as a gross lease. The other type is generally referred to as a net lease. When the phrase “gross lease” is used, that phrase generally refers to a lease in which the [...]
In an earlier blog entry, I noted that I had, to my surprise, found the iPad quite useful for business purposes. In this entry, I want to highlight selected apps I find particularly useful in a business setting. As a preliminary note, you should understand my use case, to better understand whether the apps I [...]
Last week I brought my iPad with me to the State Bar of Michigan Real Property Law Section’s Summer Conference. It was the first opportunity I had to use the iPad extensively for business purposes. Surprisingly, I found the iPad was extremely useful at my conference, as I was able to download all of the [...]
The deadline to file a Petition challenging the assessment for properties classified as residential or agricultural is July 31. In order to file a Petition before the Michigan Tax Tribunal for these properties, an owner must have appeared at the March Board of Review to challenge the property’s assessment. (In some communities, additional appearances may [...]
Dave Nykanen’s article “To Uncap or Not to Uncap—That is the Question” is currently featured in the May 2011 State Bar of Michigan Real Property Law Section e-newsletter. Click here to check it out. If you have questions regarding property tax issues please contact David Nykanen at Demorest Law Firm.
In a significant ruling, a divided panel of the Michigan Court of Appeals recently ruled that Mortgage Electronic Registration Systems, Inc (“MERS”) is not statutorily permitted to foreclose a mortgage by advertisement. MERS was a corporation created by several large mortgage lenders to ease the assignment of loans in the residential marketplace. Rather than record [...]
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