The bill amends the State Housing Development Authority Act of 1966 by updating sections 48g and 48i. Key changes include the requirement for the person making a sale to execute deeds that specify the names of the parties involved, the date of the land contract or mortgage, and a description of the premises sold. Additionally, the bill clarifies that the deed will become operative if the premises are not redeemed within the specified time, and it mandates that the deed must be recorded with the register of deeds within 20 days after the sale. If the deed is not recorded within this timeframe, the sale remains valid, but interest on the bid amount will begin to accrue, and the redemption period will commence.

Furthermore, the bill outlines the redemption process for mortgagors and vendees of land contracts, allowing them to redeem the premises within six months of the sale by paying the bid amount plus interest. It specifies that interest on the bid amount will start accruing after the deed is recorded. The bill also introduces provisions for the register of deeds regarding the recording of deeds and the handling of redemption funds, including the requirement for a fee for the care and custody of redemption money. Overall, these amendments aim to streamline the process of property sales and redemptions while ensuring clarity in the legal requirements for all parties involved.

Statutes affected:
House Introduced Bill: 125.1448