Disclosure Statements

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Agency Disclosure Agency Disclosure

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Date added: 06/14/2010
Date modified: 06/14/2010
Filesize: 1.07 MB
Downloads: 1711
Michigan law requires a real estate agent to disclose to a potential buyer or seller in a real estate transaction all types of agency relationships available and the agent's duties that each agency relationship creates before the disclosure by the potential buyer or seller to the agent of any confidential information specific to that potential buyer or seller. A real estate transaction is a transaction involving the sale or lease of any legal or equitable interest in real estate consisting of not less than 1 or not more than 4 residential dwelling units or consisting of a building site for a residential unit on either a lot as defined in Section 102 of the Land Division Act, 1967 PA 288, MCL 560.102 or a condominium unit as defined in Section 4 of the Condominium Act, 1978 PA 59, MCL 559.104. Real Estate Agents who are acting as agents of sellers or buyers of real property must advise the potential sellers or buyers with whom they work of the nature of their agency relationship. There is a standard form for meeting the law's requirement called the "Agency Disclosure Form".

As a buyer or seller, your real estate agent must discuss agency relationships with you and disclose on the Agency Disclosure Form who they will be representing in the real estate transaction. The real estate agent will ask you to sign the disclosure form signifying you received it, read the information on it and received the form before disclosing any confidential information specific to you to the real estate agent.

Lead Based Paint Disclosure Lead Based Paint Disclosure

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Date added: 06/14/2010
Date modified: 06/14/2010
Filesize: 6.25 kB
Downloads: 2058
Federal law requires sellers to provide buyers with a Lead-Based Paint Disclosure for any residential property built before January 1, 1978. If the property was built after January 1, 1978 the seller must provide that information to the buyer but there are no Lead-Based Paint disclosures to complete.

Click here to obtain all the details from the HUD Web Site.

Seller Disclosure Seller Disclosure

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Date added: 06/14/2010
Date modified: 06/14/2010
Filesize: 30.28 kB
Downloads: 2772

Michigan law requires a seller to provide a buyer prior to a binding purchase agreement being executed the Seller's Disclosure Statement form which is prescribed by the law for the following type of transfers; any interest in real estate consisting of not less than 1 or more than 4 residential dwelling units, whether by sale, exchange, installment land contract, lease with an option to purchase, any other option to purchase, or ground lease coupled with proposed improvements by the purchaser or tenant or a transfer of stock or an interest in a residential cooperative.

There are a number of exemptions from the Seller Disclosure requirements. The most common ones encountered are as follows:

  • Transfers by a non occupant fiduciary in the course of the administration of a decedent's estate, guardianship, conservatoireship or trust.
  • Transfers made to a spouse, parent, grandparent, child, or grandchild.
  • Transfer between spouses resulting from a judgment of divorce.
  • Transfers made by a person licensed under Article 24 of Act No. 299 of the Public Acts of 1980, being sections 339.240 to 339.2412 of the Michigan Compiled Laws, of newly constructed residential property that has not been inhabited.

What happens if the Seller's Disclosure Statement is delivered after the purchase agreement is executed and becomes binding on the parties? The Buyer can terminate the purchase agreement by a written notice of termination delivered to the Seller or Seller's Agent within the following time limits: (a) Not later than 72 hours after delivery of the disclosure statement to the buyer, if it was delivered in person; (b) Not later than 120 hours after delivery of the disclosure statement to the buyer, if it was delivered by registered mail.

The Buyer's right to terminate the purchase agreement expires upon the transfer of the subject property by deed or installment sales contract.

The Seller's Disclosure Statement's purpose is to have the Seller tell the Buyer what they know about the various aspects of the property. The Statement is not a warranty of any kind by the Seller and is not a substitute for any inspections or warranties the Buyer may wish to obtain.

The Seller's Disclosure Statement mandated by Michigan law is available for purchase at any real estate office or at the Southwestern Michigan Association of REALTORS® office.