Bill Text: MI HB5365 | 2017-2018 | 99th Legislature | Introduced
Bill Title: Property; land contracts; land contract certificates; provide for the recording of. Amends sec. 4 of 1879 PA 237 (MCL 565.354). TIE BAR WITH: HB 5363'17
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2017-12-28 - Bill Electronically Reproduced 12/13/2017 [HB5365 Detail]
Download: Michigan-2017-HB5365-Introduced.html
HOUSE BILL No. 5365
December 13, 2017, Introduced by Rep. Schor and referred to the Committee on Financial Services.
A bill to amend 1879 PA 237, entitled
"An act to provide for the execution, acknowledgment, and recording
of contracts for the sale of land,"
by amending section 4 (MCL 565.354).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
4. (1) Any A
contract executed and acknowledged ,
according
to the foregoing provisions, shall, as provided in
sections 1b to 3, with the certificate or certificates
[certificate]
thereto of acknowledgment attached, be entitled to
may be recorded in the office of the register of deeds of the
county
where the lands lie, and the are
located. The recording of
the
same shall have contract
has the same force and effect,
as to
subsequent encumbrancers and purchasers, as the recording of deeds
and
mortgages as now provided by law.
(2) A certificate of residential land contract may be recorded
in the office of the register of deeds of the county in which the
lands are located if it is accompanied by a tax certificate under
section 135 of the general property tax act, 1893 PA 206, MCL
211.135, and contains all of the following information:
(a) The names and addresses of all of the vendors and vendees.
(b) The date of the land contract and any amendments to it.
(c) The legal description of the subject real property.
(d) The purchase price to be paid for the subject real
property.
(e) The term of the land contract.
(f) The rate of interest on unpaid principal and, if
applicable, accumulated interest and other charges.
(g) A description of any existing encumbrances of the
property, including, but not limited to, mortgages.
(3) A certificate of residential land contract must be
executed by all of the vendors and vendees, or by an attorney for
the vendors or vendees. A certificate of residential land contract
must be in the form of an affidavit.
(4) The recording of a certificate of residential land
contract has the same effect as to subsequent encumbrancers and
purchasers as the recording of a deed or mortgage as provided by
law.
(5) On recording, in addition to indexing a certificate of
residential land contract in any other manner that is required by
law, the register of deeds shall index the certificate in the
records of the office of the register of deeds under the names of
each vendor and vendee.
Enacting section 1. Section 4 of 1879 PA 237, MCL 565.354, as
amended by this amendatory act, only applies to certificates of
land contracts executed on or after the effective date of this
amendatory act.
Enacting section 2. This amendatory act does not take effect
unless Senate Bill No. ____ or House Bill No. 5363 (request no.
04389'17 *) of the 99th Legislature is enacted into law.
