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Michigan Right of Inspection Law First of its Kind

Written by Zana Tomich on June 2, 2014 Category: Banking

As reported by the Michigan Bankers Association (MBA), the new Michigan Right of Inspection law is the first of its kind in the country. The law addresses an occupant's responsibliity to the new purchaser after a foreclosure. The intent is to circumvent the damages and vandelism that sometimes occurs during the redemption period, after the property is foreclosed, and allow the new purchaser to inspect the property at certain stages of the process. Governor Snyder signed adjustments to the bill on May 20, 2014.

“This new law addresses many of the issues by setting occupant responsibilities that pair with their statutory Right of Redemption and require notice to the holder of the sheriff’s deed as to when the occupant intends to leave the property to allow for inspections and ability to properly secure the premises,” The MBA reports.

For more information, and the efforts of the MBA in advocating on behalf of this legislative policy, follow the link https://www.mibankers.com/component/content/article/51-advocacy/666-governor-signs-right-of-inspection

To determine the rights of the lending institution or Purchaser, rduring the redemption period, please contact the attorneys at Dalton & Tomich, PLC.

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