The Michigan Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land is a legally binding agreement that outlines the terms and conditions of a transaction involving the sale or purchase of a residential lot or land in the state of Michigan. This contract is specifically designed for transactions where no real estate broker is involved. This contract is used to handle various types of residential lot or land transactions, including but not limited to vacant residential lots, undeveloped land, or land with existing residential structures. It is important to note that this contract is not suitable for transactions involving commercial or industrial properties. The document includes several key sections that cover essential aspects of the transaction. These sections include: 1. Parties: This section identifies the parties involved in the transaction, including the buyer(s) and seller(s), along with their contact information. 2. Property Description: This section provides a detailed description of the residential lot or land being sold, including its location, boundaries, and any improvements or structures present. 3. Purchase Price and Terms: This section outlines the agreed-upon purchase price for the property, along with any applicable terms, such as down payment, financing arrangements, and closing costs. It may also include information about earnest money deposits and contingencies. 4. Financing: This section addresses the buyer's plans for financing the property, including whether they plan to obtain a mortgage or pay in cash. It may include provisions for the buyer to secure financing within a specified time frame. 5. Inspections and Due Diligence: This section allows the buyer to conduct inspections and due diligence on the property, such as environmental surveys or soil testing, before finalizing the transaction. 6. Title and Closing: This section covers matters related to the title of the property, including title insurance, abstracts, and who will handle the closing process. It may also outline the respective responsibilities of each party regarding the transfer of ownership. 7. Disclosures: This section requires the seller to disclose any known defects, environmental hazards, or other relevant information about the property. 8. Default and Remedies: This section outlines the consequences for the buyer or seller if either party fails to fulfill their obligations under the contract, including potential remedies, such as specific performance or monetary damages. Some common variations of the Michigan Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land include contracts specifically tailored for transactions involving waterfront properties, large acreages, or properties subject to easements or restrictive covenants. These variations may include specific clauses or provisions addressing the unique aspects or considerations of these types of properties. It is crucial for both buyers and sellers to carefully review and understand the terms and conditions of the contract before signing, and when necessary, seek legal advice to ensure their rights and interests are protected throughout the transaction process.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.