Michigan Agreement to Remove House
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How to fill out Agreement To Remove House?
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FAQ
This advice is perhaps well intentioned but it is wrong, at least under current Michigan law. The baseline standard is still buyer beware. The Act modifies this standard; it does not reverse it into a seller's confessional act.
The Michigan Seller Disclosure Act requires the seller (or the seller's agent) to provide a written Seller's Disclosure Statement (SDS) to the prospective buyer (or prospective buyer's agent) before execution of a binding purchase agreement for the property.
Disadvantage #1: The title does not automatically pass to the purchaser in a land contract. Disadvantage #2: The seller could be held legally responsible for inspection issues with local or state authorities. Disadvantage #3: Forfeiture of a land contract by the purchaser is a fairly common occurrence.
(1) For a sale of goods, services, or memberships whose value equals or exceeds $500.00, if the buyer has been offered anything of more than $25.00 in value in exchange for attending a sales promotion for those goods, services, or memberships, in addition to any other right to revoke an offer, a buyer has the right to
A land contract commonly provides for a down payment around 10% of the purchase price, a term between 2 and 4 years, and a balloon payment of the remaining balance due at the end of the term.
As a general matter of contract law, consumers do not have a right to cancel a sale of goods or services. In the case of defective, damaged, or undelivered goods, consumers may be able to demand their money back.
If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. If the seller agrees to the offer and has not signed it yet, it can be rescinded. Another reason you may back out of a real estate contract is if the seller made a material misstatement on their Michigan Seller Disclosure Statement.
The seller on a land contract can enjoy a regular cash flow without the headaches of managing rental property. The seller may be able to realize a greater overall profit from the sale by earning interest. The seller may charge interest up to 11%.
If a buyer misses a payment or doesn't make the entire payment, the seller can take action. The most common action (called a remedy) a seller takes is to forfeit (cancel) the contract. A much less common remedy is foreclosure. A seller can use either remedy for any breach of the contract.