Section 565.951 – Short Title.
565.951 Short title. Sec. 1. This act shall be known and may be cited as the “seller disclosure act”. History: 1993, Act 92, Eff. Jan. 10, 1994
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 565.892 – Transfer Fee Covenant; Effect.
565.892 Transfer fee covenant; effect. Sec. 2. A transfer fee covenant that is executed on or after the effective date of this section, whether or not recorded, does not run with the title to real property and is not binding on or enforceable against any subsequent owner, purchaser, or mortgagee of any interest in the […]
Section 565.893 – Lien as Void.
565.893 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 35, Imd. Eff. May 24, 2011
Section 565.894 – Action to Clear Title; Other Equitable Relief; Attorney Fees and Costs.
565.894 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 […]
Section 565.901 – Definitions.
565.901 Definitions. Sec. 1. As used in this act: (a) “Future advance” means an indebtedness or other obligation that is secured by a mortgage and arises or is incurred after the mortgage has been recorded, whether or not the future advance was obligatory or optional on the part of the mortgagee. (b) “Future advance mortgage” […]