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. It’s unlikely that the seller has the expertise necessary to properly assess the property’s condition; therefore, this disclosure is not considered a substitute for a warranty or professional assessment/inspection. By signing the disclosure statement, the buyer acknowledges the condition the property is in, and that they may wish to obtain further professional advice or inspections.
Laws – § 565.975(1)
Purchase Agreement – The seller and buyer of a residential property may conduct a real estate transaction by completing and signing a purchase agreement document.