Real Estate Advertising
In any advertising that includes the name of an association broker, salesperson or team, the individual licensee’s name cannot be in larger type size than the name of the firm. The “type size” was not defined in the statute, so it is unsure how the department will interpret and enforce the new change. You can find the new section of the law and other advertising requirements in MCL 339.2512e.
Effective January 1, 2018
Proposed Bill to Amend MCL 700.7913 – “Estates and protected individuals code”
On December 13, 2017, Representative of the 36th District, introduced a bill to amend the Estates and Protected Individuals Code. The amendment will make some changes to the requirements of a Certificate of Trust. The most notable proposed change is the removal of the requirement that the certificate of trust must state the revocability or irrevocability of the trust.
Proposed Bill to Amend MCL 565.351 and 565.356 – “An act to provide for the execution, acknowledgment, and recording of contracts for the sale of land”
This proposed bill would add section 1a which states that a residential land contract must NOT include a provision that does one or more of the following:
a. Provides that a party is liable for legal costs or attorney fees incurred by another party, in connection with a dispute arising under the land contract, in excess of costs or fees specifically permitted by the statute;
b. Provides that the vendee will pay property taxes to the vendor as part of the land contract payments;
c. Provides that the land contract will convert to a lease on default;
d. Along with a few other provisions.
We should expect to see movement on the above proposed bills in 2018.
By Alicia Kellogg
Alicia Kellogg is Access Title Agency’s new on-staff attorney for the Traverse City and Suttons Bay, Michigan offices. She graduated cum laude from Western Michigan University Cooley Law School and is licensed to practice in the State of Michigan. Contact info: email@example.com or (231) 539-1203.