This form is a Contract for the sale of real estate for use in Michigan. It can be used for a cash sale, assumption or new loan buyer. The contract contains provisions common to a real estate transaction. No broker involved.
Detroit Michigan Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement
Category:
State:
Michigan
City:
Detroit
Control #:
MI-00472
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Michigan Contract For Sale And Purchase Of Real Estate With No Broker For Residential Home Sale Agreement?
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FAQ
Yes. A seller can back out of an accepted offer or before closing, as long as there are no specific clauses that state otherwise.
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 disclosure laws require a seller to disclose what is personally known about the home, including any imperfections. This could include things like lead-based paint, water damage, hazardous conditions, pest damage, past repairs, past insurance claims, etc.
Earnest Money. in the form of a certified check or cashier's check made payable to the State of Michigan in the amount of Ten percent (10%) of the purchase price (the ?Earnest Money?). The Earnest Money shall be credited to the Purchase Price at Closing.
Which of the following facts about a property in Michigan would a licensee need to disclose? The property is subject to an easement that could adversely and significantly affect an ordinary purchaser's use or enjoyment.
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.
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.
Earnest money isn't always a requirement, but it could be a necessity if you're shopping in a competitive real estate market. Sellers tend to favor these good faith deposits because they want to ensure that the sale won't fall through. Earnest money can act as added insurance for both parties in the transaction.
No. Earnest money deposits are not required, but are almost always provided as evidence of the buyers' willingness and ability to perform. 2. Can a broker wait until the buyers' offer is accepted before depositing the earnest money check?
The Michigan residential purchase and sale agreement is a document through which a seller of residential property agrees to transfer ownership to a buyer. The form can be used by the prospective buyer to make an initial offer to the seller, and if accepted, close the deal and transfer the property title.
