The bill amends the State Housing Development Authority Act of 1966 by updating sections 48g and 48i, which pertain to the sale and redemption of properties. Key changes include the requirement for the person making the sale to execute deeds that specify essential details such as the names of the parties, the date of the land contract or mortgage, and a description of the premises sold. Additionally, the bill clarifies that the deed must state when it will become operative if the premises are not redeemed, and it establishes 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 begins to accrue from the date of recording.

Furthermore, the bill modifies the redemption process for mortgagors and vendees of land contracts, allowing them to redeem the property within six months of the sale by paying the bid amount plus interest. It specifies that interest on the bid amount begins to accrue after the deed is recorded, and it introduces provisions for the register of deeds regarding the recording of redemption payments. The bill also mandates that affidavits attached to deeds must state the exact amount required for redemption and allows for a designee to assist in this process, including charging a fee for their services. Overall, these amendments aim to streamline the processes related to property sales and redemptions while ensuring clarity and efficiency in the legal framework.

Statutes affected:
House Introduced Bill: 125.1448