A Michigan land contract formalizes the terms governing a vacant land purchase and sale agreement between two parties. In the event Buyer fails to obtain Seller's approval, this Agreement shall be terminated with the Buyer's Earnest Money being returned within five (5) business.Get a comprehensive understanding of Michigan real estate purchase and sale agreements with our indepth overview and free template. Customize the agreement: Fill in the template with specific details of the transaction. Description of Property. Seller agrees to sell to Buyer and Buyer agrees to purchase from Seller certain improved real property commonly known as. THIS OFFER TO PURCHASE REAL PROPERTY (the "Offer") is entered into between.