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 Disclosure
Statements: Seller Disclosure |
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Michigan
law requires a seller to provide a buyer prior to a binding purchase
agreement being executed the Seller's Disclosure Statement form which
is prescribed by the law for the following type of transfers; any
interest in real estate consisting of not less than 1 or more than
4 residential dwelling units, whether by sale, exchange, installment
land contract, lease with an option to purchase, any other option
to purchase, or ground lease coupled with proposed improvements by
the purchaser or tenant or a transfer of stock or an interest in a
residential cooperative.
There are a number of exemptions from the Seller Disclosure requirements.
The most common ones encountered are as follows: |
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Transfers
by a non occupant fiduciary in the course of the administration
of a decedent's estate, guardianship, conservatoireship or trust. |
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Transfers
made to a spouse, parent, grandparent, child, or grandchild. |
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Transfer
between spouses resulting from a judgment of divorce. |
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Transfers
made by a person licensed under Article 24 of Act No. 299 of
the Public Acts of 1980, being sections 339.240 to 339.2412
of the Michigan Compiled Laws, of newly constructed residential
property that has not been inhabited. |
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What happens if the Seller's Disclosure Statement is delivered after
the purchase agreement is executed and becomes binding on the parties?
The Buyer can terminate the purchase agreement by a written notice
of termination delivered to the Seller or Seller's Agent within the
following time limits: (a) Not later than 72 hours after delivery
of the disclosure statement to the buyer, if it was delivered in person;
(b) Not later than 120 hours after delivery of the disclosure statement
to the buyer, if it was delivered by registered mail.
The Buyer's right to terminate the purchase agreement expires upon
the transfer of the subject property by deed or installment sales
contract.
The Seller's Disclosure Statement's purpose is to have the Seller
tell the Buyer what they know about the various aspects of the property.
The Statement is not a warranty of any kind by the Seller and is not
a substitute for any inspections or warranties the Buyer may wish
to obtain.
The Seller's Disclosure Statement mandated by Michigan law is available
for purchase at any real estate office or at the Southwestern Michigan
Association of REALTORS office. |
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| Click
below to view the Seller Disclosure Statement |
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