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 seller to execute deeds that specify essential details such as the names of the parties involved, the date of the land contract or mortgage, and the sale amount for each parcel. The bill clarifies that the deed becomes operative if the premises are not redeemed within the specified time, and it outlines the responsibilities of the register of deeds regarding the recording and indexing of these deeds. Additionally, it establishes that if a deed is not recorded within 20 days, the sale remains valid, but interest and redemption periods will be affected.

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 the deed of sale becomes void upon payment of the required sums, and if only part of the property is redeemed, the deed is void only for that portion. The purchaser is required to attach an affidavit detailing the redemption amount and deadline, and a designee may assist in calculating the redemption amount, potentially charging a fee. 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:
Substitute (H-2): 125.1448
House Introduced Bill: 125.1448
As Passed by the House: 125.1448