Michigan Seller's Disclosure Statement is a document that must be completed and provided by a seller of a real estate property in the state of Michigan. It is a legal requirement for the seller to disclose any material defects or other issues that could affect the value of the home. This document must be provided to the buyer before closing on the transaction. The Michigan Seller's Disclosure Statement includes information on the condition of the property, major systems, any known or potential environmental hazards, and any legal issues that could affect the ownership of the property. The two types of Michigan Seller's Disclosure Statement are General Disclosure and Environmental Disclosure. The General Disclosure requires disclosure of any material defects or issues that could affect the value of the property, while the Environmental Disclosure requires full disclosure of any environmental hazards or issues that could affect the value of the property.
Michigan Seller's Disclosure Statement
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How to fill out Michigan Seller's Disclosure Statement?
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FAQ
In Michigan, sellers of owner-occupied residential property up to 4 units, are required by law to complete a Seller's Disclosure Statement.
Michigan's Seller Disclosure Act apply to the transfer of ANY interest in residential real estate consisting between one and four dwelling units, whether by sale, exchange, installment land contract, lease with an option to purchase, or any other option to purchase the land.
A Michigan property disclosure statement is a form through which sellers must report the condition of their residential real estate to potential buyers. The items specified may include pending legal cases, unpaid fees, property defects, or damage from flooding or fires.
However, sellers should report these defects to the best of their knowledge and understanding. ? Note: From pest infestation to pending legal issues, you shall disclose any known information about your Michigan house. This will help you avoid future disputes.
Exceptions to the Michigan Disclosure Requirements These exceptions include: transfers pursuant to court order, including by probate, a writ of execution, foreclosure sale, those made by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance.
Contents of the Seller Disclosure In addition, the SDS includes the condition of all structural aspects of the property and improvements, as well as specific information about water problems, insect infestations, legal issues, and environmental issues and hazards.
The statute of limitations in Michigan is six years for both breach of contract and for fraud.