Michigan Laws 559.121 – Offering condominium unit or project for sale; liabilities and penalties; duties of developer; compliance by association of co-owners
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(1) A condominium unit located within this state shall not be offered for its initial sale in this state unless the offering is made in accordance with this act or the offering is exempt by rule of the administrator. An interest in a condominium unit located outside of this state which is offered for sale in this state is not subject to this act.
(2) In addition to other liabilities and penalties, a developer who violates this section is subject to section 115.
Terms Used In Michigan Laws 559.121
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(3) Except as provided in subsections (4) and (5), a condominium project or condominium unit which was approved under former Act No. 229 of the Public Acts of 1963, may be offered for sale without further compliance with this act.
(4) A developer of a condominium project which was approved under former Act No. 229 of the Public Acts of 1963 shall do all of the following:
(a) Provide documents as provided in section 84a.
(b) Establish an escrow account pursuant to section 103b or 173(1)(a)(ii).
(c) Provide notice of conversion pursuant to section 104(2) if the condominium project is a conversion condominium project.
(5) An association of co-owners of a condominium project approved under former Act No. 229 of the Public Acts of 1963 shall comply with section 68.