Michigan Laws 213.72 – Lease, sale, or conveyance of property; terms; record
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Terms Used In Michigan Laws 213.72
- Agency: means a public agency or private agency. See Michigan Laws 213.51
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
If property is acquired by an agency, the agency may lease, sell, or convey any portion not needed, on whatever terms the agency considers proper. A record of the leases and sales, showing the appraised value, the sale price, and other pertinent information, shall be kept in the office of the agency.