Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – If the property for sale was built before 1978, home sellers are required to provide potential buyers with information about the condition of lead paint in the premises. The Michigan Residential Real Estate Purchase Agreement („Home Purchase and Sale Contract“) allows buyers and sellers to enter into a legally binding contract for real estate. The main terms of the agreement consist of a purchase price, a down payment and financing terms. Seller Disclosure Statement (s. 565.957) – The seller must provide the buyer with a full presentation of the current condition of the property. In addition, the buyer should have the property checked professionally. In Michigan, sellers are required to enter into a real estate purchase agreement and the following disclosure statement, so that they can be considered legally binding: the seller`s disclosure statement (s. 565.954, No. 565.957) – In order to adequately comply with the Michigan Sellers Information Act, people who sell their homes must first make a written disclosure statement that provides an update on the current condition of the property. (Exceptions to this requirement can be found in . . .
The Michigan Sales Contract documents the applicable terms and conditions for the sale of residential real estate. Normally, the person interested in buying the residence will make an offer to the seller with this form. The seller can then verify the terms of the contract and decide by another proposal whether or not to accept the agreement, decline or counter-offer. Some of the factors of the sale that need to be negotiated are the price of the apartment, the personal property that is included in the sale and the date on which the buyer can take possession of the house. Once all aspects of the transaction have been settled, the parties will be able to submit the signature form for confirmation of a legal obligation. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud.