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