Michigan Stored Value Product Agreement and Disclosures
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How to fill out Stored Value Product Agreement And Disclosures?
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FAQ
Limits on Information Michigan Home Sellers Must Disclose The Michigan disclosure statement requires that you disclose only information about the property that you actually and personally know, ing to the "best information available." (Mich. Comp. Laws Ann. § 565.956.)
The transfer of property that is ordered by court can often be exempt. Foreclosed properties often are sold without full disclosures too. Homes that are inherited, or certain deed transfers, are also exempt from completing a Seller Disclosure Statement.
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.
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.
If there is a serious issue that was not disclosed, you may have a legal remedy against the seller, the seller's broker, or possibly, the home inspector.
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.
Do you have to disclose asbestos when selling a house in Michigan? If the presence of asbestos is a fact known to the seller, then they must disclose it.