Listing Agreement For Unimproved Property In Michigan
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FAQ
Land contracts in Michigan offer a non-traditional avenue for property transactions, providing unique advantages for both buyers and sellers. However, these agreements come with inherent risks and complexities that demand careful consideration and legal guidance before entering into any contract.
In Michigan, both sellers and buyers share the closing costs, but the split isn't equal.
Sellers of vacant land are not legally required to provide a disclosure form. Sellers who do provide vacant land disclosure forms should be cautioned against making any representations where they are unsure.
Most seller property disclosures are required for residential properties and vacant land. This means that when selling a residential property, the seller is legally obligated to disclose any known defects or issues with the property to potential buyers.
Should I have my seller complete a vacant land disclosure form? Sellers of vacant land are not legally required to provide a disclosure form. Sellers who do provide vacant land disclosure forms should be cautioned against making any representations where they are unsure.
In Michigan, the Seller Disclosure Act2 provides the mandatory guidelines for disclosures. But the language in the form required under Michigan's Seller Disclosure Act suggests that residential sellers are not required to disclose information about the property beyond its physical condition.
Not all properties or sellers are required to provide disclosures under Michigan law. Some exceptions include: Transfers between co-owners, such as spouses or family members. Sales ordered by a court, such as foreclosures or estate sales.
A land contract is a legal document between a buyer and seller for real property. Land contracts are legal in Michigan and are enforced like any other contract. To be enforceable, the contract must be in writing.
