This is a Purchaser's Request of Accounting Statement from Seller. It is a request in writing to receive an accounting of the payments paid since the contract was made and a breakdown of any interest, fees, costs, taxes and insurance paid. It is also a request for the balance due on the contract.
Ann Arbor Michigan Buyer's Request for Accounting from Seller under Contract for Deed: Keywords: Ann Arbor Michigan, Buyer's Request, Accounting, Seller, Contract for Deed. 1. Introduction to the Ann Arbor Michigan Buyer's Request for Accounting from Seller under Contract for Deed: The Ann Arbor Michigan Buyer's Request for Accounting from Seller under Contract for Deed is a formal document that allows the buyer to request a detailed financial accounting from the seller prior to the completion of a real estate transaction. It is specifically applicable to properties located in Ann Arbor, Michigan, and involves a contract for deed as the method of purchase. 2. Purpose of the Buyer's Request for Accounting: The purpose of this request is to enable the buyer to have a thorough understanding of the financial aspects relevant to the property being sold. It helps ensure transparency and mitigates potential risks associated with hidden financial burdens or undisclosed obligations that the buyer may inherit upon taking ownership. 3. Types of Ann Arbor Michigan Buyer's Requests for Accounting from Seller under Contract for Deed: a. Request for Financial Statements: This type of request requires the seller to provide financial statements, such as balance sheets, income statements, and cash flow statements, to give the buyer a comprehensive overview of the property's financial status. b. Itemized Expense Report: With this request, the buyer asks the seller to present an itemized expense report, including all bills, taxes, fees, and other financial obligations related to the property. This allows the buyer to assess the ongoing financial commitments they will be responsible for upon becoming the owner. c. Property Maintenance Records: This type of request focuses on obtaining detailed records of any maintenance, repairs, or renovations performed on the property by the seller. It ensures the buyer is aware of the property's condition and any potential expenses they may incur in the near future. d. Outstanding Liens and Encumbrances Report: The buyer may request the seller to provide a comprehensive report identifying any outstanding liens, judgments, or encumbrances on the property. This helps the buyer verify the property's clear title and assess any financial liabilities associated with it. 4. Key Information to Include in the Buyer's Request for Accounting: a. Property and Seller Information: The request should include the property address, legal description, and the seller's contact information. b. Specific Financial Information: Clearly state the specific financial documents or reports being requested from the seller, such as financial statements, expense reports, or maintenance records. c. Timeline and Delivery Method: Specify the deadline for the seller to provide the requested information, as well as the preferred method of delivery (e.g., email, physical copies, online document sharing platforms). d. Verification and Confidentiality: Request the seller's written confirmation or verification that the provided information is accurate and complete. It's also essential to include a confidentiality clause, ensuring that all information shared is strictly for the buyer's review and decision-making purposes. e. Possibility of Professional Review: Indicate the buyer's right to have the accounting information reviewed by a professional, such as an accountant or real estate attorney, to ensure its accuracy and suitability for the transaction. Overall, the Ann Arbor Michigan Buyer's Request for Accounting from Seller under Contract for Deed empowers the buyer to make an informed decision by acquiring a comprehensive understanding of the property's financial aspects before finalizing the purchase.Ann Arbor Michigan Buyer's Request for Accounting from Seller under Contract for Deed: Keywords: Ann Arbor Michigan, Buyer's Request, Accounting, Seller, Contract for Deed. 1. Introduction to the Ann Arbor Michigan Buyer's Request for Accounting from Seller under Contract for Deed: The Ann Arbor Michigan Buyer's Request for Accounting from Seller under Contract for Deed is a formal document that allows the buyer to request a detailed financial accounting from the seller prior to the completion of a real estate transaction. It is specifically applicable to properties located in Ann Arbor, Michigan, and involves a contract for deed as the method of purchase. 2. Purpose of the Buyer's Request for Accounting: The purpose of this request is to enable the buyer to have a thorough understanding of the financial aspects relevant to the property being sold. It helps ensure transparency and mitigates potential risks associated with hidden financial burdens or undisclosed obligations that the buyer may inherit upon taking ownership. 3. Types of Ann Arbor Michigan Buyer's Requests for Accounting from Seller under Contract for Deed: a. Request for Financial Statements: This type of request requires the seller to provide financial statements, such as balance sheets, income statements, and cash flow statements, to give the buyer a comprehensive overview of the property's financial status. b. Itemized Expense Report: With this request, the buyer asks the seller to present an itemized expense report, including all bills, taxes, fees, and other financial obligations related to the property. This allows the buyer to assess the ongoing financial commitments they will be responsible for upon becoming the owner. c. Property Maintenance Records: This type of request focuses on obtaining detailed records of any maintenance, repairs, or renovations performed on the property by the seller. It ensures the buyer is aware of the property's condition and any potential expenses they may incur in the near future. d. Outstanding Liens and Encumbrances Report: The buyer may request the seller to provide a comprehensive report identifying any outstanding liens, judgments, or encumbrances on the property. This helps the buyer verify the property's clear title and assess any financial liabilities associated with it. 4. Key Information to Include in the Buyer's Request for Accounting: a. Property and Seller Information: The request should include the property address, legal description, and the seller's contact information. b. Specific Financial Information: Clearly state the specific financial documents or reports being requested from the seller, such as financial statements, expense reports, or maintenance records. c. Timeline and Delivery Method: Specify the deadline for the seller to provide the requested information, as well as the preferred method of delivery (e.g., email, physical copies, online document sharing platforms). d. Verification and Confidentiality: Request the seller's written confirmation or verification that the provided information is accurate and complete. It's also essential to include a confidentiality clause, ensuring that all information shared is strictly for the buyer's review and decision-making purposes. e. Possibility of Professional Review: Indicate the buyer's right to have the accounting information reviewed by a professional, such as an accountant or real estate attorney, to ensure its accuracy and suitability for the transaction. Overall, the Ann Arbor Michigan Buyer's Request for Accounting from Seller under Contract for Deed empowers the buyer to make an informed decision by acquiring a comprehensive understanding of the property's financial aspects before finalizing the purchase.
