MI HB5363

Prohibits residential land contracts from including provisions that allow confession of judgment, waive jury trial rights, impose excessive attorney fees or legal costs, violate consumer protection laws, require property taxes to be paid to vendor, or convert the contract to a lease upon default.

Requires land contracts to be executed by the vendor and acknowledged before a judge or notary public in Michigan, with the officer endorsing a certificate of acknowledgment and date.

Restricts vendors from entering into real estate mortgages on property subject to a residential land contract if the mortgage amount exceeds the remaining balance due on the land contract.

Prohibits vendors from entering into real estate mortgages on land contract property if the mortgage debt will not be fully repaid by the time the land contract term concludes.

Adds definitions including "residential land contract" (contract for 1-4 residential units with purchase price paid in 4+ installments without promissory note or mortgage) and "land contract mortgage" (mortgage granted by vendor or vendee).