Contract for Sale or Transfer of Residential Property Subject to Mortgage; Provisions in Boldface Type - Mich. Comp. Laws Section 445.1627
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445.1627 Contract for sale or transfer of residential property subject to mortgage; provisions in boldface type.
Sec. 7.
Each contract for the sale or transfer of residential property which is subject to a mortgage shall provide in boldface type substantially as follows:
"Seller understands that consummation of the sale or transfer of the property described in this agreement shall not relieve the seller of any liability that seller may have under the mortgage(s) to which the property is subject, unless otherwise agreed to by the lender or required by law or regulation."
History: 1984, Act 351, Eff. Oct. 15, 1985
Section: 445.1621 445.1622 445.1623 445.1624 445.1625 445.1626 445.1626a 445.1627 445.1628 445.1629 445.1631 445.1632 445.1633 445.1634 445.1635
Last modified: March 17, 2013
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