Bill > HB5045

This bill amends the State Housing Development Authority Act to modify provisions related to the redemption of premises after a sale. The bill clarifies and updates procedures for executing and recording deeds of sale for properties sold through foreclosure or land contract proceedings. Key changes include specifying that deeds must be recorded within 20 days, but adding that failure to do so does not invalidate the sale; instead, interest and redemption periods will begin on the date of recording. The bill also revises redemption processes for mortgagors and land contract vendees, allowing them to redeem sold properties within 6 months by paying the bid amount plus interest, with interest now specifically accruing from the deed recording date. Additionally, the bill requires purchasers to provide an affidavit with the recorded deed detailing exact redemption amounts and potentially naming a designee to assist with redemption calculations. The modifications aim to provide more clarity and specificity in the legal process of property redemption, making the procedures more transparent and standardized for all parties involved.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-5045