Structure
The Michigan Land Purchase Agreement form serves as a vital document in real estate transactions, outlining the terms and conditions under which property is bought and sold. This agreement typically includes essential details such as the purchase price, property description, and the obligations of both the buyer and seller. It also addresses contingencies, such as financing and inspections, ensuring that all parties are aware of their rights and responsibilities. Additionally, the form may specify the timeline for closing and any deposits required, providing clarity and structure to the transaction process. Understanding the nuances of this agreement is crucial for anyone involved in buying or selling land in Michigan, as it lays the groundwork for a successful transfer of ownership and helps prevent disputes down the line.
Form Example
Michigan Land Purchase Agreement
This Land Purchase Agreement ("Agreement") is made and entered into this ______ day of ___________, 20__, by and between _________________________("Seller") and _________________________("Buyer"). The property to be sold is located in the state of Michigan and is legally described as follows:
Legal Description: _______________________________________________________________________________
This Agreement is subject to the laws and regulations of the State of Michigan, including but not limited to the Michigan Land Division Act (Public Act 288 of 1967, as amended).
The Parties agree to the following terms and conditions:
- Purchase Price: The total purchase price for the land described above shall be ________________________ Dollars ($__________).
- Payment Terms: The Buyer agrees to pay the Seller the total purchase price as follows: ________________________________________________________________________.
- Deposits: Any deposits made prior to the closing date shall be credited to the purchase price at closing. The Buyer has deposited with _________________________, as Escrow Agent, the sum of ____________ Dollars ($__________) on ___________, 20__.
- Closing: The closing of this purchase shall take place on __________________, 20__, or another mutually agreed upon date, at which time the balance of the purchase price shall be paid to the Seller.
- Title and Deed: The Seller agrees to convey a clear and marketable title to the Buyer via a warranty deed, free of any liens and encumbrances, on the date of closing.
- Possession: The Buyer shall be entitled to possession of the property on the date of closing, unless otherwise agreed upon in writing.
- Property Condition: The Buyer has inspected the property and accepts it in its current "as is" condition, subject to any rights of inspection or cancellation as expressly set forth in this Agreement.
- Adjustments: All real estate taxes, rents, dues, fees, and expenses relating to the property shall be prorated as of the closing date.
- Risk of Loss: The risk of loss or damage to the property shall be borne by the Seller until the closing date.
- Notices: Any notice required or permitted under this Agreement shall be in writing and shall be deemed delivered when sent by registered or certified mail to the addressees at the addresses set forth at the end of this Agreement.
Seller's Information:
Name: _____________________________________________________________________________
Address: __________________________________________________________________________
Email: ____________________________________________________________________________
Phone Number: _____________________________________________________________________
Buyer's Information:
Name: _____________________________________________________________________________
Address: __________________________________________________________________________
Email: ____________________________________________________________________________
Phone Number: _____________________________________________________________________
This Agreement represents the entire agreement between the Seller and the Buyer and supersedes all previous negotiations, commitments, or writings in connection with the subject property.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the first date written above.
__________________________________
Seller's Signature
Date: _________________________
__________________________________
Buyer's Signature
Date: _________________________
Document Properties
| Fact Name | Details |
|---|---|
| Purpose | The Michigan Land Purchase Agreement form is used to outline the terms of a real estate transaction between a buyer and a seller. |
| Governing Law | The agreement is governed by the laws of the State of Michigan. |
| Parties Involved | The form identifies the buyer and seller, including their legal names and contact information. |
| Property Description | A detailed description of the property being sold is included, which may encompass the address, parcel number, and legal description. |
| Purchase Price | The total purchase price is clearly stated, along with any deposit amounts and payment terms. |
| Contingencies | Common contingencies such as financing, inspections, and appraisal conditions can be outlined in the agreement. |
| Closing Date | The agreement specifies the anticipated closing date when the property transfer will occur. |
| Default Terms | It includes provisions regarding default, outlining the rights and obligations of both parties in case of a breach. |
| Signatures | The agreement requires signatures from both the buyer and seller, indicating their acceptance of the terms. |
| Amendments | Any amendments to the agreement must be made in writing and signed by both parties to be valid. |
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