November 2015

An informative e-newsletter for the Real Property Law Section of the State Bar of Michigan.

New Residential Mortgage Disclosures

By Howard A. Lax, Bodman PLC

The Dodd-Frank Act mandated that the Consumer Financial Protection Bureau (CFPB) combine disclosures for residential mortgage loans required by the Truth in Lending Act and the Real Estate Settlement Procedures Act. Consumers who submit applications on or after October 3, 2015, will receive new and improved loan term and closing cost disclosure forms promulgated by the CFPB. Read More or Comment

Condominium Anti-Lawsuit Provisions

By Kevin Hirzel, Cummings, McClorey, Davis & Acho, PLC

Condominium documents often contain provisions requiring two-thirds co-owner approval or other preconditions before a condominium association can sue or spend legal fees. Prior to June 2014, at least four circuit courts held such anti-lawsuit provisions were unenforceable, arguing that other provisions in the Nonprofit Corporation Act and the Condominium Act gave boards of directors discretion to file or defend lawsuits. Additionally, it was held that anti-lawsuit provisions were "unreasonable" and corporate bylaws must be reasonable. Read More or Comment

Important Information

The Michigan Real Property Review has been created for your convenience as an electronic version you can easily view on your computer or mobile devices or save to your own computer. Please consider opting out of the print version in the Bar's Member Area under "Section Membership."

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The views and opinions expressed in these articles are those of the authors, and they do not reflect in any way the positions of the State Bar of Michigan or the Real Property Law Section. These columns are meant for informational purposes only and should not be construed as legal advice. IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding tax-related penalties or (ii) promoting, marketing, or recommending to another person any transaction or matter addressed in this communication.