Form 4546 - Real Property Statement - Financial Institution - Previously Foreclosed Property - Michigan Department Of Treasur Page 3
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3Form 4546, page 3
BASIS FOR REQUEST OF FINANCING INFORMATION: The Michigan Supreme Court has ordered that information about the financing of
property sales must be gathered. The purpose is to determine whether favorable financing provided by the seller may have caused the
sale price to increase. If so, any increase in price due to the favorable seller-provided financing must be removed before the sale is
considered for property assessment study purposes.
EXPLANATION OF TYPES OF PURCHASE OR SALE
Cash . . . . . . . . . . . . . .
Purchaser pays total price in cash.
Agreement to transfer title to the property after terms of the contract have been fulfilled.
Land Contract . . . . . . .
Purchase Money
The buyer executes a mortgage to the seller. The title to the property is transferred to the buyer at the time
Mortgage to Seller . . .
of the sale.
The buyer executes a new or original mortgage on the property for the amount borrowed, usually to a bank
New Mortgage . . . . . .
or savings and loan company.
Buyer is allowed to assume the balance and terms of the seller’s existing mortgage.
Mortgage Assumption
The buyer executes a second mortgage to seller or third party for an amount over and above that of the
Second Mortgage . . . .
first mortgage.
EXPLANATION OF TYPES OF MORTGAGES
Conventional . . . . . . .
A mortgage loan at the current market interest rate and terms which is not insured by FHA or guaranteed
by VA or FmHA.
FHA . . . . . . . . . . . . . .
Mortgage insured by the Federal Housing Administration.
Mortgage guaranteed by the Veterans Administration.
VA . . . . . . . . . . . . . . . .
Farmers Home Administration, provides financing to farmers and other borrowers who are unable to
FmHA . . . . . . . . . . . . .
secure loans elsewhere.
Michigan State Housing Development Authority, provides financing at lower than market rates to qualified
MSHDA . . . . . . . . . . .
borrowers.
Wraparound or
Refinancing technique involving the creation of a subordinate mortgage that includes the balance due on
blended rate . . . . . . . .
the existing mortgage plus the amount of a new secondary or junior lien (usually at a lower interest rate
than the current market rate.)
ARM or variable rate
Mortgage that allows for a periodic adjustment of the interest rate.
Payment advanced to a lender by an individual (usually builder, seller, etc.) to reduce the monthly
Buydown . . . . . . . . . . .
mortgage payments for all or part of the term.
EXCERPTS FROM THE GENERAL PROPERTY TAX ACT DEFINING THE POWERS AND DUTIES OF THE LOCAL
ASSESSOR AND COUNTY EQUALIZATION DEPARTMENT FROM SECTIONS 211.19 AND 211.23 OF THE MICHIGAN
COMPILED LAWS
211.19(3) . .
If a supervisor, an assessing officer, a county tax or equalization department provided for in section 34, or the state tax
commission considers it necessary to require from any person a [written] statement of real property assessable to that
person, it shall notify the person, and that person shall submit the statement.
211.19(5) . .
A statement under subsection (2) or (3) shall be in a form prescribed by the state tax commission. If a local tax collecting
unit has provided for electronic filing of the statement under subsection (4), the filing format shall be prescribed by the
state tax commission. The state tax commission shall not prescribe more than 1 format for electronically filing a
statement under subsection (2) or more than 1 format for electronically filing a statement under subsection (3).
211.19(6)...
A statement under subsection (2) or (3) shall be signed manually, by facsimile or electronically. A supervisor or assessor
shall not require that a statement required under subsection (2) or (3) be filed before February 20 of each year.
211.23 . . . .
All the statements herein required to be made and received by the supervisor or assessor shall be filed by him, and shall
be presented to the board of review hereinafter provided for, or provided for in any act incorporating any village or city, for
the use of said board, and after the assessment is reviewed and completed by such board of review, all of the statements
shall be deposited in the office of the township or city clerk, and shall be preserved until after the next assessment is
made and completed, after which they may be destroyed upon the order of the township board or city or village council,
but no such statement shall be used for any other purpose except the making of an assessment for taxes as herein
provided, or for enforcing the provisions of this act, and any officer or person who shall make or allow to be made wilfully
or knowingly, any other or unlawful use of any such statement, shall be liable to the person making such statement for
all damages resulting from such unauthorized or unlawful use of such statement. All the statements received by the
supervisor or assessor shall be made available to the county tax or equalization department mandatorily established
under section 34 of this act and use of such statements by such county tax or equalization department shall be deemed
a use for the purpose of enforcing the provisions of this act.
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