Lease-to-Purchase Agreement Michigan

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Lease-to-Purchase Agreement Michigan

Lease purchase agreements can provide flexible financing for major assets in Michigan, but specific laws must be followed. When creating a lease purchase contract in Michigan, you may customize our template to ensure full compliance.

For real estate lease purchases, Michigan statutes mandate

  • all agreements must be written and signed by the involved parties. 
  • Key details like payment timelines, maintenance duties, taxes, and final purchase terms should be clearly defined. 
  • Required property disclosures must also be made by the seller per state laws.

Michigan laws also govern lease-purchase agreements for vehicles. During the rental period, the lessor retains full title and registration. The lessee can only sell or transfer the vehicle once executing the final purchase option according to the contract’s stipulations.

Consumer lease-purchase agreements in Michigan also face legal restrictions. Lessors must register with the state and cannot impose unfair fees or contract terms. There are limits on penalties that can be assessed to lessees as well. While lease-purchase agreements allow more flexible financing, Michigan’s laws aim to protect both parties.