Lead-based Color Disclosure (42 U.S. Code § 4852d) – If the property for sale was built before 1978, home sellers are required to provide potential buyers with information about the status of lead paint contained on the premises. The Michigan Sales Agreement documents the terms of sale of the residential property. Normally, the person interested in buying the residence will make an offer to the seller via this form. The seller can then check the contractual conditions and decide whether or not he wants to accept the agreement or propose it with an alternative offer. Some of the factors of the sale that need to be negotiated are the price of the apartment, the personal property that is included in the sale and the date on which the buyer can take possession of the house. Once every aspect of the transaction has been clarified, the parties involved will be able to sign the form to confirm a legal obligation. Seller`s Property Disclosure Disclosure Statement (§ 565.954, § 565.957) – To properly comply with Michigan`s Seller Disclosure Act, individuals who sell their homes must first make a written disclosure statement describing the current condition of the property. (Exceptions to this requirement can be found in section 565.953.) The contract of sale attached here is a standard contract between the buyer and seller of real estate in Michigan and is approved by the Michigan Association of Realtors. Under this agreement, the seller of real estate in Michigan is responsible for paying the premium from Title Insurance`s Owners Policy. Under this contract, the Michigan real estate seller is responsible for paying the premium for the Owners` insurance policy (see point 4 for details).
The Michigan Residential Real Estate Purchase Agreement (Residential Purchase and Sale Agreement) allows a buyer and seller to enter into a legally binding contract on real estate. The main terms of the agreement consist of a purchase price, an acompt and financing conditions. Real estate purchase contracts usually include promises and provisions guaranteeing the condition of a property. Many states require sellers to disclose explicit information about the condition of a property. In states where this is necessary and where a seller intentionally conceals such information, they can be prosecuted for fraud. In Michigan, sellers must enter into a real estate purchase agreement and the following disclosure statement for it to be considered legally binding: Michigan Residential Real Estate Purchase Agreement Seller`s Property Disclosure Statement (§ 565.957) – The seller must present the buyer with a full statement of the current condition of the property. . . .