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Michigan Legislature
Michigan Compiled Laws Complete Through PA 117 of 2017
House: Adjourned until Wednesday, September 20, 2017 1:30:00 PM
Senate: Adjourned until Wednesday, September 20, 2017 10:00:00 AM

Michigan Legislature

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Section 559.185

CONDOMINIUM ACT (EXCERPT)
Act 59 of 1978


559.185 Liquidated damages in case of default; actual damages; receipt of escrowed funds.

Sec. 85.

A provision in a purchase agreement for liquidated damages in case of default shall be limited to a reasonable percentage of the purchase price of the condominium unit. This provision shall not prevent the developer from recovering actual damages. Such an agreement shall not permit the developer to receive escrowed funds until there is a default, or until conveyance of legal or equitable title to the purchaser.


History: 1978, Act 59, Eff. July 1, 1978 ;-- Am. 1982, Act 538, Imd. Eff. Jan. 17, 1983


© 2015 Legislative Council, State of Michigan

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