Sec. 2132a. If land is proposed for purchase or sale by or exchange with the department under this act based on its appraised value, if 2 or more appraisals of the land that meet department standards are made on behalf of the parties to the proposed transaction, and if the high appraisal is less than 10% higher than the low appraisal, the accepted value for purposes of the purchase, sale, or exchange shall be the average of all the appraised values. If the high appraisal is at least 10% higher than the low appraisal, the parties may agree upon a new appraiser, whose appraisal, or determination based on review of the existing appraisals, shall be the accepted value for purposes of the purchase, sale, or exchange. The department is responsible for the new appraiser's fee. History: Add. 2018, Act 238, Eff. Sept. 25, 2018 Popular Name: Act 451 Popular Name: NREPA
‹ Prev All Michigan sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.