Revoking a transfer of real property on death, obtaining evidence of the termination of a decedent’s property interests, disbursing deposits after rescission of real property wholesaler contracts, and filing satisfactions of judgment

Obtaining evidences of the termination of a decedent’s property interests Under current law, a person may obtain evidence that certain property interests of a decedent have been terminated by providing information to the register of deeds of the county in which the property is located. Currently, to obtain evidence that a decedent’s property interests in real property have been terminated, a person must submit to the register of deeds a copy of the property tax bill for the year preceding the year of the decedent’s death. The bill allows a person to instead submit a copy of the most recent property tax bill.

Real property wholesaler contracts; disbursing deposits after rescission Under current law, a real property wholesaler that contracts to sell its interest in a purchase agreement to a third party must provide certain written disclosures to the third party, or the third party may rescind the contract and is entitled to the return of any deposits or option fees paid by the third party. The bill provides that, if the third party rescinds the contract, a person holding deposits or option fees may disburse the deposits or option fees to the third party without any liability on the person’s part.

Also under current law, a real property wholesaler that enters into a purchase agreement as a buyer must provide certain written disclosures to the seller, or the seller may rescind the purchase agreement and retain any deposits or option fees paid by the real property wholesaler. The bill provides that, if the seller rescinds the purchase agreement, a person holding deposits or option fees may disburse the deposits or option fees to the seller without any liability on the person’s part.

Under current law, “real property wholesaler” is defined as a person that enters into a purchase agreement as a buyer and intends to sell the person’s rights as buyer to a third party, and “purchase agreement” is defined as a contract for the sale, exchange, option, rental, or purchase of residential real property that includes one to four dwelling units.

Filing satisfactions of judgment Under current law, if a judgment debt is paid in whole or in part, a satisfaction may be filed and entered on the judgment and lien docket in the county where the judgment was first docketed. Currently, if the judgment has been entered on the judgment and lien docket in other counties, a certified copy of that satisfaction or a certificate by that clerk of circuit court under official seal may be filed in those other counties to update the judgment and lien dockets in those counties. The bill provides that an original satisfaction signed and acknowledged by the owner or the owner’s attorney may be filed in those other counties, rather than the evidence of satisfaction obtained from the clerk of court in the county where the judgment was first docketed.