HB 5366
Occupations: real estate; real estate wholesaling and mandatory disclosures; provide for. Amends secs. 2501, 2502b, 2503 & 2512e of 1980 PA 299 (MCL 339.2501 et seq.) & adds sec. 2517a.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill updates Michigan’s real estate laws to address real estate wholesaling and requires specific disclosures in certain transactions. It clarifies definitions related to real estate brokerage, assigns responsibilities for disclosures, and introduces a new section outlining requirements for disclosing assignment fees when a buyer intends to assign a real estate purchase agreement. The bill aims to increase transparency and protect consumers in real estate transactions, particularly those involving wholesaling.
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