click below
click below
Normal Size Small Size show me how
MCA
Michigan Condominium Act
Term | Definition |
---|---|
New construction | Purchase agreement is not binding until 9 days after developers deliver documents. Master deed, escrow agreement,buyers handbook, disclosure statement. |
Time-share units | Separation of individual units, purchase specific time intervals. Also called interval ownership. |
Leasehold Condominium | Owner must give association notice and copy of lease, all condominium rules and bylaws apply, association may evict him. |
Condominium Conversion | Protect any living persons on premises, people with specific disabilities, residents over 65, developer must offer extended lease. |
Sex Offender Registration Act | Individual must register with local police department if he or she was convicted of a sex offense after Oct. 1,1995. |
Michigan State Housing MSHDA | Address housing needs of Michigan’s low income and moderate income citizens. Sales of tax exempt bond and note to private investors. Below market interest rate. |
Uniform State Antitrust Sherman Antitrust Act | Pre-fixing, boycotts or refusal to deal, custom allocation, tying agreements. Licensee must leave meeting if s/he does not want to be implicated in a conspiracy. |
Wall Street Reform and Consumer Protection Act | A seller who finance the selll of owned residential property must use the services of a loan originator to qualify buyer. |
Seller Financing | The person is NOT the builder, repayment does not result in negative amortization, loan rate fixed for 5 yr. , does not include ballon payment. |