Counsel for the property that matters to you.
Real estate decisions often involve more than the transaction itself. Ownership, title, taxes, financing, family relationships, and long-term plans for the property can all matter.
Cross + Compass helps individuals and families navigate Northern Michigan real estate matters with practical legal guidance from acquisition and ownership through sale or transfer.
REAL ESTATE LAW
Practical guidance for owning, transferring, and protecting property.
Whether you are buying, selling, transferring, or planning for real estate, we help identify the legal issues that matter and provide a clear path forward.
Purchases & Sales
Review and preparation of purchase agreements, deeds, closing documents, and other transaction documents, along with guidance on title and issues that arise before closing.
Title & Property Issues
Assistance with title questions, easements, shared access, boundary and ownership issues, and other matters affecting the use or transfer of real estate.
Deeds & Property Transfers
Preparation and review of deeds and related documents for transfers between individuals, trusts, family members, and business entities.
Ownership & Succession Planning
Planning for cottages, family property, and other significant real estate, including how property should be owned today and eventually transferred to the next generation.
The deed is only part of the picture.
How property is titled can affect what happens during your lifetime and after your death. A transfer may also have consequences involving property taxes, estate planning, liability, financing, and future ownership.
Ownership
Individual ownership, joint ownership, trusts, and business entities can have very different consequences. The right structure depends on the property, the owners, and what they are trying to accomplish.
Transfers
A deed may look simple, but the transaction behind it matters. Before transferring property, it is important to consider title, property tax consequences, existing financing, and how the transfer fits into the owner's broader plan.
The Next Generation
For family real estate, planning should address more than who receives the property. Future ownership, decision-making, expenses, use, succession, and the possibility that circumstances will change all deserve consideration.
Real estate planning works best when the property is considered as part of the larger picture.
COTTAGES & FAMILY PROPERTY
Some property is worth planning for differently.
A Northern Michigan cottage, lakefront home, or family property may be both a significant asset and an important part of a family's history. Passing it from one generation to the next can raise questions about ownership, use, expenses, management, liability, and what happens when family members have different plans.
Ownership Structure
Consider how the property should be titled and whether individual ownership, a trust, an LLC, or another structure fits the family's objectives.
Use & Management
Address how decisions will be made, how expenses will be shared, who may use the property, and what happens when an owner wants to leave the arrangement.
Succession
Coordinate ownership of the property with the estate plan so that the legal structure supports the family's long-term intentions.
Before you sign. Before you transfer. Before there is a problem.
Many real estate issues are easier to address before a transaction is complete. We work with clients to understand the property, the proposed transaction, and the larger objective before preparing or reviewing the legal documents.
When a matter overlaps with estate planning or trust and estate administration, we can consider those issues together rather than treating the real estate transaction in isolation.
REAL ESTATE FAQ
Common questions about Michigan property.
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Yes. A purchase agreement is a binding contract that establishes the parties’ rights and obligations concerning the transaction. An attorney can review issues involving title, contingencies, inspections, financing, possession, closing requirements, and other terms before you are committed to the deal. It is generally easier to address a problem before the agreement is signed than after.
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Adding someone to a deed changes ownership of the property and can have consequences beyond simply putting another name on the title. Depending on the circumstances, it may affect control of the property, creditor exposure, property taxes, estate planning, and what happens at death. Before signing a deed, it is important to consider both the immediate transfer and your long-term objectives.
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Often, yes. Michigan law specifically recognizes circumstances in which transferring property to a trust is not treated as a “transfer of ownership” for property-tax uncapping purposes, including certain transfers where the settlor or the settlor’s spouse remains the sole present beneficiary.
The deed, trust terms, mortgage or other financing, and property-tax consequences should be reviewed before making the transfer.
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Yes, but the ownership structure matters. Transferring real estate to an LLC can affect title, financing, liability planning, estate planning, and property taxes. A deed is generally a “transfer of ownership” under Michigan's property-tax statute unless a statutory exception applies, so the ownership of both the property and the LLC should be reviewed before the transfer is made.
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It can. In Michigan, a “transfer of ownership” generally causes the property's taxable value to be adjusted in the calendar year following the transfer. Michigan law also contains numerous exceptions, including certain transfers involving spouses, family members, trusts, and commonly controlled entities. Whether a particular transfer causes uncapping depends on the parties, the type of property, and the ownership structure before and after the transfer.
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Start with more than who should inherit it. A good cottage plan should consider who will own the property, who may use it, how expenses will be paid, how decisions will be made, what happens if an owner wants out, and how ownership will pass to future generations.
Depending on the family's circumstances, the plan may involve a trust, LLC, co-ownership arrangement, or another structure coordinated with the owners' estate plans.
Let's talk about your property.
Whether you are buying, selling, transferring, or planning for real estate, we can help you understand the legal issues and determine the next step.
Cross + Compass, PLC · Petoskey, Michigan · Serving Northern Michigan