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For sale by owner purchase agreement

Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement - Michigan 2026

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The document is a contract for the sale and purchase of real estate in Michigan, outlining the agreement between the Seller and Buyer regarding the property, sales price, financing options, earnest money deposit, property condition disclosures, closing procedures, title conveyance, and responsibilities of both parties. It includes provisions for inspections, appraisals, and potential defaults while ensuring compliance with federal lead-based paint disclosure laws for properties built before 1978.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in the Seller and Buyer information at the top of the form. Ensure that all names are spelled correctly and include any necessary titles.
In the 'AGREEMENT TO SALE AND PURCHASE' section, provide a complete description of the property, including county, address, and legal description. Be thorough to avoid any future disputes.
Next, move to the 'SALES PRICE' section. Clearly outline the purchase price and detail any earnest money deposits or financing arrangements. Make sure both columns equal each other.
Proceed to fill out the 'FINANCING' provisions if applicable. Indicate whether this is a cash sale or if financing is involved, and provide details as required.
Complete sections regarding property condition, disclosures, closing details, title conveyance, and any additional provisions as necessary. Review each section carefully to ensure accuracy.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Who prepares a purchase agreement?

In summary, both real estate agents and attorneys play vital roles in filling out a purchase agreement. Agents handle the initial stages and use standard forms, while attorneys provide legal advice and ensure compliance with state laws. This collaborative approach ensures a smooth and legally sound transaction process.

What is required to buy a house in Michigan?

You will likely need a down payment. While the Federal Housing Administration (FHA) allows borrowers to put down as little as 3.5% of the purchase price, conventional mortgage loans usually require a down payment of 10% to 20%.

What is the simple agreement between buyer and seller?

A sales and purchase agreement is a legally binding agreement obligating a buyer and a seller to terms of a transaction. The SPA outlines all of the terms and conditions of the exchange and must be signed by both parties.

What is the new Realtor law in Michigan?

New way = seller pays listing agent, buyer pays buyers agent. Seller can give money to buyer to pay their agent. Now, buyer has to pay buyer agent. If the buyers agent is any good they will negotiate for the seller to give you a credit for that money.

Do you need a real estate agent to buy a house in Michigan?

Yes, its legally possible to buy a home without a Realtor in Michigan but heres what you should consider: Youll be handling contracts, deadlines, and negotiations yourself. You might miss red flags in inspection reports or appraisals. The sellers agent may still collect the full commission even if you go solo.

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Can I sell my house in Michigan without a Realtor?

You arent required to hire a Realtor to sell a home in Michigan, but it can make the process much easier. If you choose the for sale by owner route, you wont have to pay a listing agents commission but you may still need to pay your buyers agent.

What is the new realtor law in Michigan?

However, as of August 17, 2024, buyers must now sign an agreement that outlines their agents commission before they can start touring homes. Although buyers can still negotiate for the seller to cover a portion of these fees, the commission is now more flexible and entirely negotiable.