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Although a sellers broker in Michigan has no legal obligation to disclose property defect information to the buyer, and is not liable for the sellers misrepresentations about the property, there is still a possibility that the broker may have some legal liability. (Alfiero v. Bertorelli, 295 N.W.
Is Michigan a full disclosure state?
Michigan law requires a seller of residential property to fill out a standardized form disclosing what he or she personally knows about the home, including any past issues and current imperfections.
Are sellers disclosures required in Michigan?
The Michigan Seller Disclosure Act requires the seller (or the sellers agent) to provide a written Sellers Disclosure Statement (SDS) to the prospective buyer (or prospective buyers agent) before execution of a binding purchase agreement for the property.
Do sellers have to disclose mold Michigan?
Although a sellers broker in Michigan has no legal obligation to disclose property defect information to the buyer, and is not liable for the sellers misrepresentations about the property, there is still a possibility that the broker may have some legal liability. (Alfiero v. Bertorelli, 295 N.W.
What is the Michigan disclosure form?
A Michigan property disclosure statement is a form through which sellers must report the condition of their residential real estate to potential buyers. The items specified may include pending legal cases, unpaid fees, property defects, or damage from flooding or fires.
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Michigan law requires a seller of residential property to fill out a standardized form disclosing what he or she personally knows about the home, including any past issues and current imperfections.
What do house sellers have to disclose?
What Do House Sellers Have to Disclose? The main point to bear in mind is that you need to be honest and disclose all known information about the property, both positive and negative. Secrecy and deceit are not permitted under any circumstances and may even lead to prosecution.
Do you have to disclose your a realtor if youre buying Michigan?
YES. e law requires an agency disclosure form only if the property in question includes one to four residential dwelling units or a residential building site. MCL 339.2517(11)(g). Note that some commercial property includes residential dwelling units.
Do you have to disclose asbestos when selling a house in Michigan?
No matter if you think the lead paint has been removed or not, it still needs to be disclosed. REALTOR Roger Weymouth, broker and owner of CENTURY 21 Cedarwood, says Michigans disclosure form also requires sellers to list known issues with radon gas, asbestos, formaldehyde, etc.
Does Michigan require a sellers disclosure?
In Michigan, the seller of a residential property has an obligation to disclose certain information to the buyer of the property in what is commonly referred to as a Sellers Disclosure Statement. The Seller Disclosure Act, MCL 565.951, et seq.
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Robert Sellers - Office of Diversity, Equity Inclusion
D. in personality psychology from the University of Michigan in 1990. Following his graduate work, Dr. Sellers served as an Assistant and an Associate professor
Who Needs A Sales Tax License? - State of Michigan
The determination is based on whom the products are sold to by the seller. Wholesalers buy for resale at wholesale. They are not making retail sales; therefore
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