Sec. 6.
As used in this act:
(a) “Assignee” means assignee of the vendor named in a land contract, a succeeding assignee, or a land contract mortgagee who became the absolute holder of the land contract as a result of security enforcement procedures.
(b) “Grantee” means grantee of the vendor named in a land contract, a succeeding grantee, or a grantee pursuant to a mortgage foreclosure of a mortgage upon the land but subordinate to the land contract.
(c) “Land contract mortgage” means a mortgage granted by a vendor or a vendee.
(d) “Land contract mortgagee” means the holder of a land contract mortgage granted by a vendor or vendee, or his or her heirs, successors, or assigns.
(e) “Nonmortgaging vendee” means a vendee who has not entered into a land contract mortgage granted by his or her vendor.
(f) “Nonmortgaging vendor” means a vendor who has not entered into a land contract mortgage granted by his or her vendee.
(g) “Real estate mortgage” means a mortgage granted upon an interest in real property, other than a mortgage upon a vendor's or vendee's interest in a land contract unless the vendor and the vendee join in or subject their respective interests to a single mortgage. A land contract mortgage is not a real estate mortgage.
(h) “Third parties” means persons or entities other than the vendor, vendee, nonmortgaging vendor, nonmortgaging vendee, assignee, grantee, or land contract mortgagee, who have or claim an interest in or encumbrance upon real property or a vendor's or vendee's interest which is subject to a land contract mortgage.
(i) “Vendee” means the vendee named in the land contract and the vendee's heirs, successors, or assigns.
(j) “Vendor” means the vendor named in the land contract and the vendor's heirs, successors, or assigns.
History: Add. 1998, Act 106, Imd. Eff. June 3, 1998 ;-- Am. 2002, Act 147, Imd. Eff. Apr. 2, 2002
Last modified: October 10, 2016