Notices, of this Offer, shall cause this Offer, without further action of either party, to become a binding contract for the sale of Property. 3. Approvals. A Michigan residential purchase agreement is a contract outlining all the terms and conditions of a residential property sale between the buyer and the seller.Description of Property. Seller agrees to sell to Buyer and Buyer agrees to purchase from Seller certain improved real property commonly known as. Get a comprehensive understanding of Michigan real estate purchase and sale agreements with our indepth overview and free template. A For Sale By Owner contract Michigan must include: 1. The Purchase Price, 2. The purchase agreement attached here is a standard agreement between the buyer and seller, for properties located in Michigan. This Agreement shall be interpreted in accordance with the laws in the State of Michigan. A Purchase and Sale Agreement in Michigan communicates how the buyer will purchase the property.