Lansing, MI – The Michigan Legislature has approved Sen. Dale Zorn’s legislation to allow rental property owners more flexibility when transferring property between entities.
Senate Bill 692 amends the Housing Law of Michigan to add that a transfer of ownership to another person is not a change in ownership if the owner, owners, trustors, grantors, or members of the transferring person are under common control.
Under the bill, a property must have been inspected within two years of it being transferred. Since several municipalities have longer time periods between inspections due to good behavior or inspection capacity, the bill allows for a period set forth by the local municipality if it is longer than two years.
The bill now heads to the governor to be signed.
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