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: contracts to purchase residential real estate generally contain promises and provisions guaranteeing 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. Contracts to buy and sell real estate in Michigan are documents created by potential buyers to make an offer on land. They must provide the seller with information on how they will be able to pay the proposed offer and down payment. For example, financing by the bank or seller or by the sale of another property. The buyer sets a deadline for his offer to be accepted or successfully negotiated. The contract is not legally binding until both parties have signed it. 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. Lead-based colour opening – If the home sold was built before 1978, the seller must notify the buyer if there has been toxic lead paint on the site. 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 attached sale agreement is a standard agreement between the buyer and seller of real estate in Michigan and is approved by the Michigan Association of Realtors. Under this contract, the seller of real estate in Michigan is responsible for paying the premium for the title insurance ownership policy. Under this contract, the Michigan real estate seller is responsible for paying the policy premium to the title insurance owner (see item 4 for more details).