The Oakland Michigan Residential Real Estate Sales Disclosure Statement is a critical legal document that must be completed during the residential real estate sales process in Oakland County, Michigan. It serves as a necessary disclosure agreement between the seller and the buyer, ensuring transparency in the transaction. This disclosure statement is designed to provide potential buyers with important information about the property they are considering purchasing. It covers a variety of areas, including but not limited to the physical condition of the property, known defects, past repairs or renovations, and any environmental or hazardous conditions that might affect the property. By disclosing such information, the seller aims to provide the buyer with a comprehensive understanding of the property's condition and any potential concerns or issues. This helps the buyer make an informed decision before acquiring the property and eliminates the risk of legal disputes arising from undisclosed defects or problems. Some relevant keywords for the Oakland Michigan Residential Real Estate Sales Disclosure Statement include: real estate sales, disclosure statement, Oakland County, residential property, transparency, legal document, buyer, seller, physical condition, defects, repairs, renovations, environmental conditions, hazardous conditions, property condition, informed decision, legal disputes. It is important to note that while the Oakland Michigan Residential Real Estate Sales Disclosure Statement is the primary disclosure document used in the county, there may be variations or additional disclosure statements based on specific property types or circumstances. These could include disclosures related to condos, townhouses, historic properties, or properties within specific subdivisions or communities. The specific types of disclosure statements required may vary depending on the property's characteristics and Oakland County's regulations. It is recommended that buyers and sellers consult with a real estate professional or legal advisor familiar with the laws and regulations in Oakland County, Michigan, to ensure compliance with all necessary disclosure requirements and to properly complete the Residential Real Estate Sales Disclosure Statement.
Oakland Michigan Residential Real Estate Sales Disclosure Statement
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FAQ
In Michigan, the seller of a residential property has an obligation to disclose certain information to the buyer of the property in what is commonly referred to as a ?Seller's Disclosure Statement.? The Seller Disclosure Act, MCL 565.951, et seq.
YES. e law requires an agency disclosure form only if the property in question includes one to four residential dwelling units or a residential building site.
In Michigan, the seller of a residential property has an obligation to disclose certain information to the buyer of the property in what is commonly referred to as a ?Seller's Disclosure Statement.? The Seller Disclosure Act, MCL 565.951, et seq.
Michigan Seller's Disclosure Exemptions Sr. No.Exemption6.The transferee is a spouse or a person in the lineal line of consanguinity7.Transfer arising from a divorce, maintenance or property settlement between spouses8.The transfer is made to or from a government entity6 more rows
Although a seller's broker in Michigan has no legal obligation to disclose property defect information to the buyer, and is not liable for the seller's misrepresentations about the property, there is still a possibility that the broker may have some legal liability. (Alfiero v. Bertorelli, 295 N.W.
Important and relevant issues which need disclosing are: Flooding issues, whether current or historic. Any known structural issues concerning the property. Proposals for nearby development and construction (if applicable)
A Michigan property disclosure statement is a form through which sellers must report the condition of their residential real estate to potential buyers. The items specified may include pending legal cases, unpaid fees, property defects, or damage from flooding or fires.
Michigan requires sellers to use a standardized form for property disclosures, called the Seller Disclosure Statement, and sets forth the language for it within the actual law.