Michigan Compiled Laws Act 34 Of 2011 Transfer Fee Covenants Attaching To Nonresidential Real Property (565.881 - 565.884)

AN ACT to prohibit certain covenants attaching to nonresidential real property; to prohibit the imposition of certain fees upon transfer of that real property; and to provide for remedies.

History: 2011, Act 34, Imd. Eff. May 24, 2011

Section 565.881 Definitions.
As used in this act: (a) "Transfer fee" means a fee or charge payable upon the subsequent sale, gift, conveyance, assignment, inheritance, or other...
Section 565.882 Transfer Fee Covenant; Effect.
A transfer fee covenant that is executed on or after the effective date of this section, whether or not recorded, does not run with...
Section 565.883 Lien As Void.
Any lien purporting to secure the payment of a transfer fee under a transfer fee covenant that is executed on or after the effective...
Section 565.884 Action To Clear Title; Other Equitable Relief; Attorney Fees And Costs.
(1) Any person aggrieved by the imposition of a transfer fee, whether the original or subsequent transferee or purchaser, may bring an action to...

Last modified: October 10, 2016