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Michigan considers a lease to with the option to buy, even as a land contract, to be a rental situation. You apply as a renter; when you exercise the option, then you can apply as an owner.
I am so sorry,
I just re-read your question. For some reason, I got the idea from the content of the question that you had a Lease with option to buy. I believe I got that idea from your use of the terms of paying rent. Most land contracts do not have rent payments.
so if your contract is really a lease with option to buy, with the land being held as collateral, then I stand by my answer.
IF you really do have a Land Contract, then it would not normally have a lease payment, but anything is possible.
So let me coroberate what the other expert said.
that in a pure land contract, you do are able to file as the owner. both situations are covered in this reference:
For land contract:
Complete the affidavit using your name, address, social security number and signature, not the information of the land contract holder
For lease with Option to buy:
Leasing with an option to buy is considered a rental agreement, so the home is ineligible. Once you exercise the option to buy, you may claim an exemption.