Sec. 7.
Each contract for the sale or transfer of residential property which is subject to a mortgage shall provide in boldface type substantially as follows:
"Seller understands that consummation of the sale or transfer of the property described in this agreement shall not relieve the seller of any liability that seller may have under the mortgage(s) to which the property is subject, unless otherwise agreed to by the lender or required by law or regulation."
History: 1984, Act 351, Eff. Oct. 15, 1985