Michigan § 125.2729 Right of first refusal.

Michigan Statutes

§ 125.2729 — Right of first refusal.

Michigan § 125.2729

Ch. 125PLANNING, HOUSING, AND ZONING

Act 84 of 1999URBAN HOMESTEADING IN MULTIFAMILY PUBLIC HOUSING ACT (125.2721-125.2734)

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Bluebook

Mich. Comp. Laws § 125.2729 (2026).

Text

URBAN HOMESTEADING IN MULTIFAMILY PUBLIC HOUSING ACT (EXCERPT) Act 84 of 1999 125.2729 Right of first refusal. Sec.

9.For 5 years after a qualified buyer takes ownership of a unit under this act, the resident organization or successor entity has a right of first refusal if the qualified buyer desires to sell his or her unit acquired under this act. During the 5-year period, the resident organization or successor entity may repurchase the unit at the fair market price if the qualified buyer sells the unit. During the 5-year period, the qualified buyer shall not rent out or lease his or her unit or allow any other nonfamily member to reside in the unit.

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URBAN HOMESTEADING IN MULTIFAMILY PUBLIC HOUSING ACT (EXCERPT) Act 84 of 1999 125.2729 Right of first refusal. Sec. 9. For 5 years after a qualified buyer takes ownership of a unit under this act, the resident organization or successor entity has a right of first refusal if the qualified buyer desires to sell his or her unit acquired under this act. During the 5-year period, the resident organization or successor entity may repurchase the unit at the fair market price if the qualified buyer sells the unit. During the 5-year period, the qualified buyer shall not rent out or lease his or her unit or allow any other nonfamily member to reside in the unit.