Housing: other; redemption of premises; modify. Amends secs. 48g & 48i of 1966 PA 346 (MCL 125.1448g & 125.1448i).
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies the State Housing Development Authority Act to clarify the process of redeeming land contracts and mortgages. Specifically, it outlines requirements for recording deeds, specifying the time within which a property must be redeemed, and detailing the procedures for calculating and paying the redemption amount. The bill ensures that deeds are properly recorded and that the register of deeds accurately reflects the status of a property after redemption.
Key provisions
- Deeds must be executed and recorded within 20 days of the sale, with penalties for delay.
- The register of deeds must record deeds and index them in the regular index.
- Redemption must be paid within 6 months of the sale, including interest from the date of the sale.
- The purchaser must provide an affidavit stating the exact amount required for redemption, including daily per diem.
- A designee can be appointed to assist the redeeming party in calculating the redemption amount.
- If a portion of the property is redeemed, the deed is only voided for that portion.
- The register of deeds cannot determine the redemption amount; it must be provided by the purchaser.
- A fee of $5.00 must be paid to the register of deeds for the care and custody of redemption money.
Who is affected
- Homebuyers
- Landlords
- Mortgagees
- Redeemers
- Real estate purchasers
Bill text
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Document of record
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- House Introduced Bill
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