This Seller's Disclosure Notice of Financing Terms Contract for Deed serves as notice to Purchaser of the purchase price of property and how payments, interest, and late charges are set. This document should be completed by Seller of property and provided to the Purchaser at or before the signing of the contract for deed.
Michigan Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract
Category:
State:
Michigan
Control #:
MI-00470-3
Format:
Word;
Rich Text
Instant download
Description
How to fill out Michigan Seller's Disclosure Of Financing Terms For Residential Property In Connection With Contract Or Agreement For Deed A/k/a Land Contract?
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FAQ
Michigan disclosure laws require a seller to disclose what is personally known about the home, including any imperfections. This could include things like lead-based paint, water damage, hazardous conditions, pest damage, past repairs, past insurance claims, etc.
But if it can be proven that something was known and omitted, a seller can get in big trouble. A seller may be liable to the buyer for the nondisclosure of material facts, negligent misrepresentation of facts, intentional misrepresentation of facts, or suppression or concealment of facts, Zuetel explains.
California, like many states, requires its residential property sellers to disclose, in writing, details about the property they have on the market.
In Michigan, the principle of Caveat emptor prevails in land sales and normally the vendor is not liable for any harm due to defects existing at the time of sale.The first exception requires the seller to disclose to the purchaser any concealed condition known to the seller. Id.
A seller is supposed to be truthful when answering the disclosure statement for the buyer.And, if a seller lies, the buyer is entitled to go after the seller for damages sustained because of an omission in the disclosure statement given to the buyer.
In Michigan, seller's of owner occupied residential property up to 4 units, are required by law to complete a Seller's Disclosure Statement.In this statement the seller must disclose the condition of the property and any other information concerning the property that is known to the seller.
The seller is not providing a seller disclosure form and is selling the property as is, although he is allowing a home inspection.For example, if the seller's home is part of an estate or a foreclosure sale by a sheriff or court, a seller disclosure form may not be required. The rules are governed on a state level.
If the sellers concealed a known defect, you can sue for fraudulent misrepresentation. You will have to prove that they actually concealed the defect, as opposed to having perhaps been unaware of it.
To hold a seller responsible for repairs after the closing, a buyer must prove that the seller withheld material facts about the home's condition. A seller is unlikely to be held liable for repairs after the close of escrow if the seller disclosed all known defects to the buyer.
