MI HB5365

Amends MCL 565.354 to permit recording of contracts for the sale of land in the office of the register of deeds with proper acknowledgment certificates attached.

Establishes a new residential land contract certificate that may be recorded if accompanied by a tax certificate under the General Property Tax Act and contains specified information including vendor/vendee names, contract date, legal description, purchase price, term, interest rate, and existing encumbrances.

Requires the residential land contract certificate to be executed by all vendors and vendees or their attorneys in the form of an affidavit.

Provides that recorded certificates of residential land contracts have the same legal effect as recorded deeds or mortgages regarding subsequent encumbrancers and purchasers.

Requires registers of deeds to index certificates of residential land contracts under the names of each vendor and vendee; applies only to contracts executed on or after the effective date and is conditioned on passage of HB 5363.