Michigan Real Estate Purchase Agreement

The Michigan residential real estate purchase agreement (“residential purchase and sale agreement”) allows a buyer and seller to enter into a legally binding contract for real property. The main terms of the agreement will consist of a purchase price, down payment, and financing terms.

Required Seller Disclosures in Michigan

• Seller’s Property Disclosure Statement. Michigan sellers must provide a full accounting of the property’s current condition to the buyer. Additionally, the buyer should have the property professionally inspected.
• Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.

Frequently Asked Questions

How Do You Write a Real Estate Contract in Michigan? In Michigan, to write a real estate contract you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Michigan? You might be able to get out of a real estate contract in Michigan during several stages of the buying process. First, the offer must be accepted to make it binding. 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 If the seller agrees to the offer and has not signed it yet, it can be rescinded. Read more » What Is the Effective Date of a Real Estate Contract in Michigan? In Michigan, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Michigan? In Michigan, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations. Read more » How Do I Fill Out a Real Estate Contract in Michigan? To fill out a real estate contract in Michigan, first, download our customizable Michigan real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »