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.
Lansing, Michigan Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement is a legally binding document that outlines the terms and conditions between the buyer and seller when conducting a real estate transaction in Lansing, Michigan, without involving a broker. This agreement helps ensure a smooth and transparent residential home sale process while protecting the rights and interests of both parties involved. The Lansing, Michigan Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement covers various key aspects essential to the transaction. It typically includes the following sections: 1. Parties: Names and contact information of the buyer(s) and seller(s) involved in the deal. 2. Property Description: Detailed information about the residential property being sold, such as its address, legal description, lot size, and any additional features or amenities. 3. Purchase Price and Payment Terms: Specifies the agreed-upon purchase price of the property, the form of payment, how the payment will be made (e.g., lump sum, financing, or installment payments), and any applicable down payments or deposits. 4. Contingencies: This section details any conditions that must be met for the contract to remain valid. Common contingencies include financing, home inspections, appraisal, and the sale of the buyer's existing property. 5. Closing and Possession: Outlines how and when the closing will take place, who will handle the closing and associated costs, as well as the terms for possession of the property by the buyer. 6. Disclosures: Addresses the seller's responsibility to disclose any known defects or issues regarding the property, such as presence of lead-based paint, structural problems, or environmental hazards. 7. Default and Remedies: Explains the actions that may be taken by either party in the event of a default, along with any remedies available to the non-defaulting party. Multiple variations of the Lansing, Michigan Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement may exist, tailored to specific circumstances or property types. Examples may include agreements for condominiums, single-family homes, multi-unit properties, vacant land, or commercial properties. Each variation may include additional clauses or considerations unique to the particular property type. It is crucial for both buyers and sellers in Lansing, Michigan, to carefully review and understand all provisions within the contract, seeking legal advice if necessary, before entering into any real estate transaction without a broker.
