565.351 Land contract; acknowledgment; endorsement. Sec. 1. A contract for the sale of land or any interest in that land shall be executed by the vendor named in the contract, and acknowledged before any judge or before any notary public within this state, and the officer taking the acknowledgment shall endorse a certificate of the […]
565.352 Land contract; execution and acknowledgment in another state. Sec. 2. If any such contract be executed in any other state, district or territory, the same shall be executed and acknowledged in the same manner as provided in section 9 of chapter 150 of the Compiled Laws of 1871, for the execution of deeds in […]
565.353 Land contract; execution and acknowledgment in foreign country. Sec. 3. If any such contract be executed in any foreign country, it may be executed and acknowledged according to the provisions contained in section 11 of chapter 150 Compiled Laws of 1871, providing for the execution of deeds in any foreign country. History: 1879, Act […]
565.354 Land contract; recording, effect. Sec. 4. Any contract executed and acknowledged, according to the foregoing provisions, shall, with the certificates [certificate] thereto attached, be entitled to be recorded in the office of the register of deeds of the county where the lands lie, and the recording of the same shall have the same force […]
565.355 Repealed. 1998, Act 106, Imd. Eff. June 3, 1998. Compiler’s Notes: The repealed section pertained to refusal to discharge land contract.
565.356 Definitions. Sec. 6. As used in this act: (a) “Assignee” means assignee of the vendor named in a land contract, a succeeding assignee, or a land contract mortgagee who became the absolute holder of the land contract as a result of security enforcement procedures. (b) “Grantee” means grantee of the vendor named in a […]
565.357 Land contract mortgage as security to debt or obligation; rights and interests of vendor or vendee; encumbrance; applicability of act to real estate mortgage; act additional to existing rights and remedies. Sec. 7. (1) A vendor or a vendee under a land contract may grant a land contract mortgage to secure any debt or […]
565.358 Land contract mortgage; document; form; execution, acknowledgement, and recording; identification of encumbered interest; perfection of mortgage; priority. Sec. 8. (1) Any document that would be sufficient to constitute a real estate mortgage upon an interest in real property shall constitute a land contract mortgage upon the vendor’s or vendee’s interest. (2) A land contract […]
565.359 Land contract mortgage; enforcement; foreclosure; additional remedies. Sec. 9. (1) A land contract mortgage may be enforced in accordance with any existing procedure for the enforcement of a real estate mortgage, including, without limitation, foreclosure by advertisement and judicial foreclosure. Upon completion of a foreclosure by advertisement or judicial foreclosure of a land contract […]
565.360 Nonmortgaging vendor or vendee; rights or remedies affected; duties; payments; conditions; duties of third party. Sec. 10. (1) A land contract mortgage shall not, absent voluntary subordination as provided by law, encumber or otherwise affect the rights or remedies of the nonmortgaging vendor or the nonmortgaging vendee except as otherwise provided in subsection (2) […]
565.361 Payment and performance of contract obligations; conveyance of land; discharge of land contract mortgage or release of security assignment; failure or refusal to make conveyance or discharge; penalties; enforcement; title as marketable; subordination to other real estate interest. Sec. 11. (1) When the vendee named in a land contract, or his or her heirs, […]
