This bill amends the Revised Judicature Act of 1961 by updating sections 3232 and 3240, which pertain to the sale and redemption of property following foreclosure. Key changes include the requirement for the person making the sale to promptly execute and deliver a deed to each purchaser, specifying the property location and the amount for which each parcel was sold. Additionally, the bill mandates that the deed must be deposited with the register of deeds within 20 days after the sale, and if not recorded within this timeframe, the redemption period will begin on the date the deed is recorded.

Furthermore, the bill clarifies the conditions under which a purchaser's deed becomes void if the mortgagor or their heirs redeem the property. It outlines the necessary payments for redemption, including interest and fees, and introduces provisions for the register of deeds to determine the amount necessary for redemption in certain counties. The bill also establishes a presumption regarding agricultural use of the property based on tax filings, and it specifies that if the purchaser's deed is recorded late, the redemption period will be adjusted accordingly.

Statutes affected:
House Introduced Bill: 600.3232, 600.3240