Real Estate Law USA.com

My husband and I purchased a house in Michigan in December 2006. We didn’t realize or have any clue that there would be leaking in the basement when we bought the house because it was winter. There were no obvious signs of dampness in the basement. This spring we found out. Our basement carpeting is very wet and has even grown mushrooms where it gets wet (yuck)! We have a 10 month old daughter and are now concerned there may be black mold in the basement due to the wetness. My question is…is there anything legal we can do to the former homeowners that sold us the house for not disclosing this information? There is no way they didn’t know of this when they sold us the house. There is a potential threat to our daughter’s health since they were not upfront with us. Anyone know of any disclosure laws in Michigan when it comes to real estate?
EDIT-We plan on taking out the carpeting. Our daughter will be out of the house for several days when we do this to make sure she is safe.
EDIT- We did have an inspection done. Like I said, there isn’t any obvious signs other than the wet carpeting and the growing mushrooms.
EDIT-It is so annoying when people don’t actually read the question and edits…We DID get an inspection BEFORE purchase. We are not to blame…it was NOT disclosed before purchase. The carpeting was ALREADY in the basement when we bought it. We PLAN on taking the carpeting out. One of our concerns when buying a house was whether the basement was leaky or dry. We probably would have still bought this house, but would have fixed the problems BEFORE moving in with our daughter. READ the details before passing judgment!

i need a lot of expertise on real estate. my wife and i own and home in michigan, and we have and buyer, but the buy like to go "lease uption to buy." what i like to know what is the rules and the law and what is my responablilty here. but i live in las vegas, please explain, what will you due. yes! i due have and realture that sale my home, but i like to know also what does he get out of it. i need someone who is in realestate law and know what they are doing, please help out with al ot of question and answer, asap, thank you!

I reside in Oregon but am selling land that is in Michigan to a Michigan residence. On the contract under default it reads–
Seller may take appropriate action against Purchaser for collection of same according to the laws of the State of ?????

(do I put Oregon (where I live) or Michigan (where the land is)???

And do I need to have it notarized?

Please only answer if you have carried deed contracts, are a real estate agent or work for a title company.

We bought a manufactured home in a park in Lansing michigan in october of 2007. on april 3rd 2008 one of our neighbors has informed us that the man who lived here before had committed suiced in the living room which explains why there was no carpet. we asked the realitor why there was no carpet in the living room and he said that it must have been torn up or dirty or something so the maintenance guys ripped it out. Our neighbor said that the man who lived here shot himself in the head in the living room and no one found him for about a week after. he said that haz-mat was in the house and everything. I am just wondering if the real estate agent or the bank were supposed to tell us this before we bought it. as far as we knew the real estate agent said that the house was forclosed on and that was it.

i need help on lease uption to buy.?
i need a lot of expertise on real estate. my wife and i own and home in michigan, and we have and buyer, but the buy like to go "lease uption to buy." what i like to know what is the rules and the law and what is my responablilty here. but i live in las vegas, please explain, what will you due. yes! i due have and realture that sale my home, but i like to know also what does he get out of it. i need someone who is in realestate law and know what they are doing, please help out with al ot of question and answer, asap, thank you!

My in-laws are giving us a farmhouse and a few acres out of their 300-acre plot.

1. Are we required to have it surveyed or will some other method do, such as latitude and longitude coordinates of the corner points? We don’t anticipate any future boundary issues as all the surrounding land is left to us in their will. I’m not sure how the tax assessor can evaluate the property though if we don’t have it surveyed.

2. I believe we just go to the county register of deeds (we’re in Michigan) and file a warranty deed, right?

3. Will any transfer taxes be due when the selling cost is nothing?

4. Does it matter if the "sales price" is $0 or do we need to give them $1 for any legal reason?

5. Are any other legal instruments necessary for this transfer?
6. We don’t plan to do a title search, as it has been in the family 125 years and we don’t intend to sell until we gift it to our children. I do realize any liability is ours if the title is bad.
7. Do I just contact the county treasurer’s office to get a tax parcel number for the new property description? And do I do that before or after the Warranty Deed?

Is it better to go with an attorney who specializes in real estate law or a realtor. Also what’s the process, and how long do they usually take?
(Michigan)

I am currently in second year at a university in Michigan. My major right now is in business-marketing. My goal is to one day become a real estate investor and/or developer. I’m sure a marketing degree wouldn’t put me in the best position to be qualified as a successful developer. I’ve heard business law is a good major, but I’m not really sure. Any suggestions?

Also, would type of positions would be good to look into straight out of college at a real estate development company? I hope to someday begin my own business, but that probably isn’t going to happen right away. Any suggestions on this?

Thanks all.

What exactly is a "common right-of-way" in Michigan law? What rights does it include? How is it established? Can it be revoked by a new property owner? Help please–an elderly lady is about to be caught between "feuding" neighbors!