Section 565.952 – Applicability of Seller Disclosure Requirements.
565.952 Applicability of seller disclosure requirements. Sec. 2. The seller disclosure requirements of sections 4 to 13 apply to the transfer of any interest in real estate consisting of not less than 1 or more than 4 residential dwelling units, whether by sale, exchange, installment land contract, lease with an option to purchase, any other […]
Section 565.953 – Seller Disclosure Requirements; Exceptions.
565.953 Seller disclosure requirements; exceptions. Sec. 3. The seller disclosure requirements of sections 4 to 13 do not apply to any of the following: (a) Transfers pursuant to court order, including, but not limited to, transfers ordered by a probate court in administration of an estate, transfers pursuant to a writ of execution, transfers by […]
Section 565.954 – Written Statement; Delivery; Time Limits; Compliance; Terminating Purchase Agreement Within Certain Time Limits; Expiration of Right to Terminate.
565.954 Written statement; delivery; time limits; compliance; terminating purchase agreement within certain time limits; expiration of right to terminate. Sec. 4. (1) The transferor of any real property described in section 2 shall deliver to the transferor’s agent or to the prospective transferee or the transferee’s agent the written statement required by this act. If […]
Section 565.955 – Liability for Error, Inaccuracy, or Omission; Delivery as Compliance With Requirements of Act; Conditions.
565.955 Liability for error, inaccuracy, or omission; delivery as compliance with requirements of act; conditions. Sec. 5. (1) The transferor or his or her agent is not liable for any error, inaccuracy, or omission in any information delivered pursuant to this act if the error, inaccuracy, or omission was not within the personal knowledge of […]
Section 565.956 – Disclosures; Inaccuracy as Result of Action, Occurrence, or Agreement After Delivery; Unknown or Unavailable Information; Basis.
565.956 Disclosures; inaccuracy as result of action, occurrence, or agreement after delivery; unknown or unavailable information; basis. Sec. 6. If information disclosed in accordance with this act becomes inaccurate as a result of any action, occurrence, or agreement after the delivery of the required disclosures, the resulting inaccuracy does not constitute a violation of this […]
Section 565.957 – Disclosure; Form.
565.957 Disclosure; form. Sec. 7. (1) The disclosures required by this act shall be made on the following form: SELLER’S DISCLOSURE STATEMENT Property Address: __________________________________________ Street _________________________________ Michigan City, Village, or Township Purpose of Statement: This statement is a disclosure of the condition of the property in compliance with the seller disclosure act. This statement […]
Section 565.903 – Priority of Recorded Mortgage Amended to Become Future Advance Mortgage.
565.903 Priority of recorded mortgage amended to become future advance mortgage. Sec. 3. Except as otherwise provided by this act, if a recorded mortgage has been or is amended to become a future advance mortgage, it shall have priority with respect to a future advance secured by the mortgage as if the future advance was […]
Section 565.903a – Priority of Residential Future Advance Mortgage.
565.903a Priority of residential future advance mortgage. Sec. 3a. (1) Sections 2 and 3 do not apply to a residential future advance mortgage, except to the extent the mortgage secures a protective advance unless there are set forth in a conspicuous manner on the first page of the mortgage or on the first page of […]
Section 565.883 – Lien as Void.
565.883 Lien as void. Sec. 3. Any lien purporting to secure the payment of a transfer fee under a transfer fee covenant that is executed on or after the effective date of this section is void. History: 2011, Act 34, Imd. Eff. May 24, 2011
Section 565.884 – Action to Clear Title; Other Equitable Relief; Attorney Fees and Costs.
565.884 Action to clear title; other equitable relief; attorney fees and costs. Sec. 4. (1) Any person aggrieved by the imposition of a transfer fee, whether the original or subsequent transferee or purchaser, may bring an action to clear the title and void the transfer fee and for other equitable relief. (2) In a successful […]