Structure
The Michigan Real Estate Purchase Agreement form is a crucial document in the home-buying process, serving as a written contract between a buyer and a seller. This form outlines the terms and conditions under which a property is sold, ensuring that both parties have a clear understanding of their rights and obligations. Key aspects of the agreement include the purchase price, financing details, and the closing date, which is when the property officially changes hands. Additionally, the form addresses contingencies, such as home inspections or financing approval, that must be met for the sale to proceed. It also includes provisions for earnest money, which demonstrates the buyer's commitment to the purchase. By detailing the responsibilities of both the buyer and the seller, this agreement helps to minimize misunderstandings and provides a framework for resolving any disputes that may arise during the transaction. Understanding the components of the Michigan Real Estate Purchase Agreement is essential for anyone looking to navigate the real estate market in Michigan effectively.
Form Example
Michigan Real Estate Purchase Agreement
This Real Estate Purchase Agreement (“Agreement”) is entered into by and between ______________ (“Buyer”) and ______________ (“Seller”) on this date, ______________. The property subject to this Agreement is located at ______________, Michigan (“Property”). This Agreement is subject to the laws of the State of Michigan, including the Michigan Compiled Laws relating to real property transactions.
1. Purchase Price and Earnest Money
The Purchase Price for the Property is $______________, of which $______________ has been delivered by Buyer to Seller as earnest money following execution of this Agreement, with the remainder due at closing. The earnest money shall be held in escrow in accordance with Michigan state-specific regulations.
2. Property Description
The Property is legally described as follows: ______________. This description may include but is not limited to any buildings, improvements, fixtures, and rights of way that are part of the Property.
3. Closing and Possession
The closing of the purchase and sale of the Property shall take place on ______________, or on another mutually agreed upon date. Possession of the Property will be transferred from Seller to Buyer at closing, subject to the terms of this Agreement.
4. Inspections and Disclosures
Buyer has the right to inspect the Property within ______________ days following the execution of this Agreement. Seller agrees to disclose all known material defects of the Property as required under Michigan law. All inspections are to be completed at Buyer's expense unless otherwise agreed upon by both parties.
5. Financing
Buyer's obligation to complete the purchase of the Property is contingent upon obtaining financing on terms acceptable to Buyer. This Agreement is conditional upon Buyer's receipt of a loan commitment from a lending institution within ______________ days after the execution of this Agreement.
6. Title and Risk of Loss
Seller shall deliver to Buyer a good and marketable title to the Property, free of encumbrances except as noted in this Agreement. The risk of loss or damage to the Property prior to closing remains with Seller.
7. Default and Remedies
If either party defaults in the performance of their obligations under this Agreement, the non-defaulting party may seek remedies as allowed under the laws of the State of Michigan, including but not limited to, specific performance or damages.
8. Modifications and Waiver
No modification, waiver, amendment, discharge, or change of this Agreement shall be valid unless it is in writing and signed by both parties.
9. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Michigan.
10. Entire Agreement
This document, along with any attachments identified herein, constitutes the entire agreement between Buyer and Seller, superseding all prior negotiations, representations, or agreements, whether written or oral.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
Buyer's Signature: ______________
Buyer's Printed Name: ______________
Seller's Signature: ______________
Seller's Printed Name: ______________
Document Properties
| Fact Name | Description |
|---|---|
| Purpose | The Michigan Real Estate Purchase Agreement form is used to outline the terms and conditions under which a property is bought and sold in Michigan. |
| Governing Law | This agreement is governed by the laws of the State of Michigan, ensuring that all transactions comply with local regulations. |
| Key Components | Essential elements of the form include the purchase price, financing details, property description, and contingencies related to inspections and appraisals. |
| Signatures | Both the buyer and seller must sign the agreement for it to be legally binding, indicating their acceptance of the terms outlined in the document. |
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