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MI SB0610
Bill
AI Summary
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Creates the "Commercial Real Estate Broker's Lien Act" allowing licensed real estate brokers to place liens on commercial real property for unpaid commissions under written commission agreements.
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Defines commercial real estate as property excluding single-family zoned land, properties with 4 or fewer residential units, and unit-by-unit sales of residential subdivisions or condominiums.
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Requires brokers to record a claim of lien before property conveyance (or within 60 days after for installment payments, leases, and lease extensions) and provide notice to the property owner within 10 days.
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Allows brokers to enforce liens through circuit court foreclosure proceedings within 1 year of lien attachment, with courts authorized to award costs, attorney fees, and deficiency judgments.
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Establishes priority rules where prior-recorded mortgages and construction liens take precedence, and allows property owners to demand release of liens that have been paid or if enforcement action is not commenced within 30 days.
Legislative Description
Liens; other; commercial real estate broker's lien act; enact. Creates new act.
Occupations, real estate
Last Action
Assigned Pa 0201'10 With Immediate Effect
11/3/2010