MI HB5366

Amends sections 3130 and 3236 of the Revised Judicature Act of 1961 to clarify deed execution and recording procedures in mortgage foreclosure sales.

Adds new subsection (2) to both sections requiring that when a mortgagor was a vendor under a land contract for 1 to 4 residential units and the land contract or certificate was recorded with the county register of deeds, the foreclosure sale purchaser takes title subject to the land contract terms and becomes the new vendor under that contract.

Updates language in section 3130 regarding when deeds become operative, specifying that the person making the sale must indorse the effective date on each deed and include specific information about the land contract or mortgage in the deed.

Requires the deed of sale be deposited with the register of deeds within 20 days after the sale and recorded in the deed record book with proper indexing, with recording fees included in the costs and expenses of the sale.

Applies only to land contracts entered into on or after the effective date of the act and is contingent on the enactment of either Senate Bill No. ____ or House Bill No. 5365.