Michigan Laws 570.582 – Definitions
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Terms Used In Michigan Laws 570.582
- Commercial real estate: means real estate or an interest in real estate that is not any of the following:
(i) Real estate zoned for single-family use and on which no building or structure is located. See Michigan Laws 570.582Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Lien: A claim against real or personal property in satisfaction of a debt. Record: means to record with the register of deeds for the county in which the commercial real estate is located. See Michigan Laws 570.582
As used in this act:
(a) “Buyer” means a purchaser or lessee of a legal or equitable interest in real estate.
(b) “Claim of lien” means a claim of a commercial real estate broker’s lien asserted under this act.
(c) “Commercial real estate” means real estate or an interest in real estate that is not any of the following:
(i) Real estate zoned for single-family use and on which no building or structure is located.
(ii) Real estate on which 4 or fewer residential units are located.
(iii) Real estate on which more than 4 residential units are located if the units are single-family residential units, including houses, condominiums, or townhouses in a subdivision or condominium project, that are sold, leased, or otherwise conveyed on a unit-by-unit basis.
(d) “Commercial real estate broker’s lien” means a lien created under this act.
(e) “Record” means to record with the register of deeds for the county in which the commercial real estate is located.
(f) “Seller” means the equitable or legal owner or lessor of an interest in real estate.