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MCA

Michigan Condominium Act

TermDefinition
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.
Created by: Jgjg