Seller Disclosure Statement (s. 565.957) – The seller must provide the buyer with a full presentation of the current condition of the property. In addition, the buyer should have the property checked professionally. In Michigan, sellers must enter into a real estate purchase agreement and the following disclosure statement in order for them to be considered legally binding: the joint sales contract is a standard agreement between the buyer and seller of real estate in Michigan and is approved by the Michigan Association of Realtors. Under this contract, the seller of real estate in Michigan is responsible for paying the premium for the title insurance ownership policy. Under this contract, the Michigan real estate seller is responsible for paying the policy premium to the title insurance owner (see item 4 for more details). Contracts to buy and sell real estate in Michigan are documents created by potential buyers to make an offer on land. They must provide the seller with information on how they will be able to pay the proposed offer and down payment. For example, financing by the bank or seller or by the sale of another property.
The buyer sets a deadline for his offer to be accepted or successfully negotiated. The contract is not legally binding until both parties have signed it. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud. The Michigan Residential Real Estate Purchase Agreement (“Home Purchase and Sale Contract”) allows buyers and sellers to enter into a legally binding contract for real estate. The main terms of the agreement consist of a purchase price, a down payment and financing terms. Michigan Residential Real Estate Purchase Agreement Lead-Based Paint Disclosure – If the sold home was built before 1978, the seller must notify the buyer if toxic lead paint was used on the site. ..