Insert Pages To Legal Michigan Real Estate Forms For Free

Working With a Lawyer Unlike some states, Michigan does not require that sellers involve a lawyer in the house-selling transaction. Even if it's not required, you might decide to engage a lawyer at some point in the process?for example, to review the final contract or to assist with closing details.

If you are selling a home without a realtor, you may need a For Sale By owner Contract. However, many FSBO sellers are not aware of this term itself. Usually, the real estate agent is responsible for writing the purchase agreement. But in case you forego using an agent, you can create your own sales contract.

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.

In Michigan, sellers typically pay for the title and closing service fees, transfer taxes, and recording fees at closing. Optional costs for sellers include buyer incentives, pro-rated property taxes, or for an attorney. Buyers, on the other hand, pay for things like mortgage, appraisal, and inspection fees.

The state transfer tax rate in Michigan is $3.75 for every $500 of property value, or 0.75% of the transferred property's value. In addition to the state tax, each individual county levies an additional transfer tax of $0.55 per $500.

Steps to Sell a House by Owner in Michigan Price Your Home for Sale. Prep Your House. Market Your Property. Manage Showings. Review, Compare, and Negotiate Offers. Close the Sale with a Professional.