An instrument modifying or rescinding a contract should identify the contract with certainty. The parts of the contract to be changed should be clearly expressed, and the change itself clearly set forth. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Michigan Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate is a crucial legal document that is used during real estate transactions in the state of Michigan. This addendum serves as an extension to the main purchase agreement and includes specific terms and conditions that are unique to the state's real estate laws. It is essential for both buyers and sellers to understand the contents of this addendum to ensure a smooth and legally compliant transaction. Key Features of the Michigan Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate: 1. Financing Contingencies: This addendum outlines the financing options available to the buyer and includes details such as the type of financing (conventional, FHA, VA, etc.), the loan amount, interest rate, and closing date associated with the mortgage. Additionally, it may also include provisions for VA or FHA approvals if applicable. 2. Inspection and Due Diligence Period: This section highlights the timeframe within which the buyer can conduct inspections, obtain reports, and perform due diligence on the property. It may specify various inspections that need to be completed, such as structural, pest, radon, mold, or lead-based paint inspections. 3. Seller's Disclosures: The addendum may require the seller to provide specific disclosures regarding the condition of the property, known defects, previous repairs, or any existing environmental hazards. These disclosures help protect the buyer by ensuring they have all relevant information about the property before making a purchase decision. 4. Title and Survey Matters: This section may outline requirements for a title search, title insurance, and any survey-related issues that need to be addressed during the transaction. It ensures that the buyer receives a clear and marketable title to the property. 5. Closing Procedures: The Michigan Addendum defines the timeline and procedures for the closing of the transaction. It may include information regarding the location of the closing, who will attend, and the distribution of proceeds. Different Types of Michigan Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate: 1. Conventional Loan Addendum: This addendum is specific to transactions involving conventional financing. It includes provisions relevant to conventional loan requirements and guidelines. 2. FHA/VA Loan Addendum: This addendum is applicable when a buyer is obtaining financing through the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). It contains additional clauses and provisions required by these agencies. 3. Short Sale Addendum: This addendum is used when the seller is engaging in a short sale, where the proceeds from the sale are insufficient to cover the remaining mortgage balance. It outlines the terms and conditions specific to short sales, including lender approval and negotiation of deficiencies. In summary, the Michigan Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate is a critical document that ensures compliance with state laws and protects the rights of both buyers and sellers. Understanding the various provisions within this addendum is essential for a successful real estate transaction in Michigan.
