Sellers disclosure michigan 2025

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Purpose of a PDS As mentioned above, the key purpose of the PDS is to disclose key information to help consumers make informed purchases. ASIC has set out a list of Good Disclosure Principles to help product issuers prepare a PDS.
Legal Repercussions: If a seller is found to have lied on the property condition report, they can be sued for fraud or breach of contract. Legal actions can result in court orders to pay damages or even undo the sale.
A sellers disclosure is a real estate document that provides details about a propertys condition and how it might negatively impact the value of the home. It is often required by law, though what it needs to contain can vary by state and locality.
In Michigan, sellers must disclose any material defects or issues with the property. This includes, but is not limited to: Structural defects. Plumbing and electrical problems.
Laws 565.951.) (Also see Home Sellers in Michigan: Your Disclosure Obligations for more information.) If the seller intentionally misrepresents or withholds information on the disclosure statement, you may pursue legal action against them for fraud or misrepresentation.
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What is the primary purpose of the Sellers Property Disclosure Statement Exhibit? To make buyers aware of any potential defect in the property that the seller knows about. The disclosure statement is required to disclose any known material defects by the seller to the buyer.

seller disclosure statement michigan