A person licensed to arrange the buying and selling of real estate for a fee. A real estate broker acts as an intermediary between the parties selling and buying the real estate. Real estate brokers can also be called real estate salespersons, and the people who assist them (who are generally not required to be licensed) are generally called real estate agents.
The Michigan Contract of Sale of Commercial Property with No Broker Involved is a legally binding agreement that outlines the terms and conditions for the sale of a commercial property in Michigan without the involvement or representation of a broker. This contract is used when both the buyer and seller choose to handle the transaction personally, without the assistance of a real estate agent. In this contract, the parties involved, namely the seller and buyer, are required to provide detailed information regarding the commercial property being sold. This includes the property's address, legal description, and any relevant zoning or property use restrictions. Additionally, the contract will specify the purchase price, payment terms, and any financing arrangements, if applicable. It is crucial to include thorough and accurate disclosure of the property's condition as well. The contract should clearly state if the property is being sold "as-is" or with any warranties or guarantees from the seller. Any defects, known or unknown, should be disclosed by the seller to ensure transparency. Within the contract, the parties have the option to include contingencies, such as financing or inspection contingency clauses, which allow the buyer to withdraw from the contract if certain conditions are not met. These contingencies provide protection for both parties and ensure a fair and transparent transaction. Different types of Michigan Contracts of Sale of Commercial Property with No Broker Involved may include variations in specific terms and conditions, depending on the unique circumstances of the transaction. However, the basic framework and essential components will remain consistent across these contracts. It is essential for both parties to carefully review and understand all provisions before signing, and it is advisable to consult with legal professionals to ensure compliance with state laws and regulations. In summary, the Michigan Contract of Sale of Commercial Property with No Broker Involved is a legally binding agreement that facilitates the sale of commercial property without the involvement of a broker. This contract establishes the terms and conditions of the transaction, including property details, purchase price, payment terms, contingencies, and disclosure of property condition. By carefully considering and constructing this contract, both the buyer and seller can navigate the sale process smoothly and protect their respective rights and interests.
