Probate: guardians and conservators; requirement to have an appraisal for the sale of real property; provide for. Amends sec. 5423 of 1998 PA 386 (MCL 700.5423).
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill requires conservators in Michigan to obtain an appraisal of real property from a licensed professional before selling or disposing of it. The appraisal must be within the preceding six months and meet specific requirements outlined in the occupational code. This provision aims to ensure that conservators consider the value of real estate when making decisions affecting the protected individual's assets.
Key provisions
- Conservators must obtain a professional appraisal for real property before selling or disposing of it.
- The appraisal must be conducted within the preceding six months.
- The appraiser must be licensed under article 26 of the occupational code.
- The court must review the appraisal and determine if the sale is in the protected individual's best interest.
- The appraisal must include evidence of the property's value.
- This provision applies to the sale, disposal, mortgage, pledge, or placement of a lien on real property.
- The appraisal requirement applies to the protected individual’s principal dwelling, real property, or interest in real property.
- The appraisal requirement applies to land in another state.
Who is affected
- Conservators
- Protected Individuals
- Real Estate Owners
- Legal Professionals
- Appraisers
Notable changes
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- Senate Introduced Bill
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