Senate Bill 253
Introduced Senate Bill (S)
DIGEST
Principal dwelling land contracts. Defines "principal dwelling land contract" (contract) as a land contract for the sale of real property: (1) designed for the occupancy of one to two families; and (2) that is or will be occupied by the buyer as the buyer's principal dwelling. Provides that the seller under a contract must provide the buyer with certain disclosures at least 10 days before the contract is executed. Sets forth disclosures that must be included in a contract. Provides that a contract must permit a buyer to pay the balance owed and receive the deed at any time. Provides
Principal dwelling land contracts. Defines "principal dwelling land contract" (contract) as a land contract for the sale of real property: (1) designed for the occupancy of one to two families; and (2) that is or will be occupied by the buyer as the buyer's principal dwelling. Provides that the seller under a contract must provide the buyer with certain disclosures at least 10 days before the contract is executed. Sets forth disclosures that must be included in a contract. Provides that a contract must permit a buyer to pay the balance owed and receive the deed at any time. Provides
that a violation of these provisions constitutes an incurable deceptive act under the deceptive consumer sales act. Provides that a buyer in a principal dwelling land contract is entitled to the homestead deduction regardless of whether the seller has conveyed title.
... View more
1
The document is not available in the context of this page. It might be accessible at the following URL: URL