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Michigan Laws Making News

What Laws Are Impacting Grand Rapids Area Residents

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Tag: Real Estate

US realtor group's $418 million antitrust settlement wins tentative approval

April 23, 2024

Under the terms of the settlement, home sellers will no longer be required to offer a commission to buyers' agents in order for their properties to appear on “multiple listing services,” which is where most home sales originate. Commissions still can be negotiated as part of the process.

Read more at Reuters

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Short-term rental owners talk legal battles

April 22, 2024

Short-term rental owners talk legal battles, regulations at state conference

In October 2023, Park Township Neighbors (PTN) sued Park Township, claiming it improperly amended its zoning ordinance to ban short-term rentals in residential areas.

Read more at Fox17

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Hotel excise tax proposal on ballots

April 17, 2024

House Bill 5048 went into effect on Tuesday, allowing localities to set their own lodging taxes that would only affect visitors, not local taxpayers.

Eight counties are taking advantage of the new legislation, including Kent, Calhoun and Kalamazoo counties.

Read more Wood TV8

AG Nessel Warns Renters, Homebuyers of Fraudulent Real Estate Ads

March 28, 2024

Michigan Attorney General Dana Nessel has issued a new consumer alert, Real Estate Scams – How to Avoid Being Taken in by Fake Listings to educate renters and homebuyers on how to avoid property scams, spurred by recent reports. Fraudulent real estate listings often advertise properties that don't exist, are not for sale or rent, or are not what they appear to be.

Read more at Michigan.gov

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A loophole got him a free New York hotel stay for five years.

February 19, 2024

A loophole got him a free New York hotel stay for five years. Then he claimed to own the building

A man who succeeded in using a New York City housing law to live rent-free in the iconic hotel has been charged with fraud after he claimed to own it.

Read more at AP News

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Home brokerage Keller Williams to pay $70 mln in antitrust settlement

February 1, 2024

Home brokerage Keller Williams has agreed to pay $70 million as part of a settlement to resolve claims that it conspired to overcharge U.S. home sellers by billions of dollars on the commissions they pay to agents for buyers.

Read more at Reuters

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Housing-related zoning amendments recommended

January 26, 2024

Housing-related zoning amendments recommended by GR Planning Commission

The amendments— parsed into five categories— primarily serve to increase housing supply, in accordance with a recent update to the city's Housing Needs Assessment, which states a need for 14,106 new housing units by 2027 (an average of 2,831 per year, a pace not currently being met).

Read more at Fox17

US flags early 2024 for new rule targeting real estate money laundering

December 12, 2023

The proposal, which FinCEN was previously slated to unveil this year, is expected to require real estate professionals report the identities of the beneficial owners of companies buying real estate in cash to the regulator. Anti-corruption advocates have been pushing for years for regulators to close a loophole they say allows criminals to hide money in U.S. real estate.

Read more at yahoo! Finance

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Real estate industry facing pushback to agent commissions on home sales

November 7, 2023
Real estate industry facing pushback to longstanding rules setting agent commissions on home sales
A series of court challenges seek to upend longstanding real estate industry practices that determine the commissions agents receive on the sale of a home — and who foots the bill.
A federal jury in one of those cases ordered the National Association of Realtors along with some of the nation's biggest real estate brokerages to pay almost $1.8 billion in damages, after finding they artificially inflated commissions paid to real estate agents.
Read more at Click On Detroit
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MSHDA Expands Access to $10,000 Down Payment Assistance Program

May 23, 2023

The Michigan State Housing Development Authority will expand its MI 10K DPA program statewide, helping low and middle-income homebuyers overcome the biggest barrier to home ownership: the down payment. The program was previously offered exclusively to 236 zip codes, but is now available throughout the state.

Read more at Michigan.gov

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