This Disclosure Notice of Forfeiture Rights form is provided by the Seller to the Purchaser at the time of the contract signing. Mandatory use of this form is rarely required; however, this form provides the Purchaser with a good understanding of forfeiture and how he or she can be affected by it in the event of a default. Should the courts become involved, the use of this form will help the Seller show that the Purchaser understood his side of the bargain and may help the Purchaser pursue the remedy of forfeiture if challenged by the Purchaser.
Ann Arbor Michigan Seller's Disclosure of Forfeiture Rights for Contract for Deed
State:
Michigan
City:
Ann Arbor
Control #:
MI-00470-22
Format:
Word;
Rich Text
Instant download
Description
How to fill out Michigan Seller's Disclosure Of Forfeiture Rights For Contract For Deed?
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FAQ
In Michigan, the seller of a residential property has an obligation to disclose certain information to the buyer of the property in what is commonly referred to as a ?Seller's Disclosure Statement.? The Seller Disclosure Act, MCL 565.951, et seq.
Michigan requires sellers to use a standardized form for property disclosures, called the Seller Disclosure Statement, and sets forth the language for it within the actual law.
Although a seller's broker in Michigan has no legal obligation to disclose property defect information to the buyer, and is not liable for the seller's misrepresentations about the property, there is still a possibility that the broker may have some legal liability. (Alfiero v. Bertorelli, 295 N.W.
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.
Yes. In Michigan, the seller's disclosure is a standard form prescribed under the state laws which all sellers are supposed to complete. This form is to be submitted to any buyer before the sale agreement is executed.
YES. e law requires an agency disclosure form only if the property in question includes one to four residential dwelling units or a residential building site.
If the seller intentionally misrepresents or withholds information on the disclosure statement, you may pursue legal action against the seller for fraud or misrepresentation.
