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Most Common Disclosures in Real Estate Natural Hazards Disclosure. First on the list is the natural hazards disclosure. Market Conditions Advisory (MCA) Market Conditions Advisory, also known as MCA, covers items more financial in nature. State Transfer Disclosure. Local Transfer Disclosure. Megans Law Disclosures.
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.
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. This form must be completed and returned to the buyer or buyers agent prior to the completion of the sale.
You will need to include information about all appliances in the home, including which are included in the sale as well as whether they are operational. You will also need to disclose any room additions, damage, or neighborhood noise problems.
While some REALTORS may be reluctant to disclose terms of offers, even at the direction of their seller-clients, the Code of Ethics does not prohibit such disclosure.
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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.
New construction is often exempt, or at least isnt required to complete the entire checklist, because the home likely has never been lived in. However, as a general rule of some any sale of residential property of less than four units are subject to the Seller Disclosure Act.
New construction is often exempt, or at least isnt required to complete the entire checklist, because the home likely has never been lived in. However, as a general rule of some any sale of residential property of less than four units are subject to the Seller Disclosure Act.
The form is essentially a checklist asking you to indicate the condition of various features of the property, such as appliances, roof, basement, and HVAC systems, and known problems affecting it, such as encroachment issues, environmental issues, and pending legal issues.
For Sale By Owner transactions, which do not involve a real estate agent, are popular in Michigan, particularly in the Washtenaw County area. But before you venture into a FSBO sale or purchase, you should understand the responsibilities of buying or selling a home without a real estate agent.

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