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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.
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.
Does Michigan require sellers disclosure?
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.
Does seller have to disclose previous inspection in Michigan?
Michigan law require a seller to disclose what is personally known about the home, including any imperfections. However, this statement is not a warranty of any kind and should not serve as a substitute for a professional inspection.
Does Michigan require 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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Michigan Sellers Disclosure Exemptions Sr. No.Exemption1.The house is being sold under a court order which includes - foreclosure sale, sale by a trustee in a bankruptcy case, or transfers from a decree of specific performance8 more rows Oct 14, 2022
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.
Which transfers of property are exempt from a disclosure report?
If the property is being transferred through the probate process or via a will, no disclosure is required. 2. Debt. If foreclosure or bankruptcy brought on by debt triggers the transfer of the property, no disclosure is required.
Who is exempt from seller disclosure in Michigan?
Michigan Sellers Disclosure Exemptions Sr. No.Exemption1.The house is being sold under a court order which includes - foreclosure sale, sale by a trustee in a bankruptcy case, or transfers from a decree of specific performance8 more rows Oct 14, 2022
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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