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Laws Ann. § 565.957.) 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.

Every problem with the property must be disclosed, whether it is a malfunctioning appliance or noncompliance with local zoning laws. However, some properties are exempt from the seller disclosure requirements. Homes that are inherited, foreclosed or transferred through court orders are exempt.

A land contract is a written legal contract or an agreement, and it's used to purchase real estate, such as a house, an apartment building, a commercial building, or even vacant land, so long as it deals with real property. Buying or selling on a ?land contract? in Michigan is a transaction involving seller financing.

Under the Michigan Seller Disclosure Act, the transferor of real property must deliver to the transferee a seller's disclosure statement. In this statement the seller must disclose the condition of the property and any other information concerning the property that is known to the seller.

A purchase and sale agreement, or PSA, is a document that is written up and signed after a buyer and seller mutually agree on the price and terms of a real estate transaction.

The statutes of limitations of Michigan are generally three years for fraud and six years for a breach of contract. Most people do not want to have to worry for years about whether or not the purchaser in a real estate transaction will sue the seller or realtor several years later.