Download Michigan Purchase Agreement Form [PDF]

The purchase agreement outlines the details of the seller’s and buyer’s agreement related to the sale and purchase of a certain property.

The purchase agreement itself doesn’t transfer any legal rights between the seller and the buyer. However, it is a useful document that provides all the details about the property transfer. This prevents misunderstandings and potential disputes between the parties.

Michigan Purchase and Sale Agreement Form

The Michigan purchase agreement provides the terms and conditions under which the seller agrees to sell, and the buyer agrees to buy a certain property.

This document usually includes the full names and mailing addresses of the seller and the buyer, a description of the property, the purchase price, information about the financing, contingencies, and other terms and conditions regarding the property transfer.

The Michigan purchase agreement is also known as:

Other Names for Michigan Purchase Agreement

Michigan sale and purchase agreement
Michigan purchase and sale agreement
Michigan sale and purchase contract
Michigan purchase and sale contract

However, it all refers to one document that provides the terms and conditions for the property transfer in Michigan.

Purchase Agreement Michigan Laws & Requirements

The legislation in Michigan doesn’t impose any requirements on the specific structure of the purchase agreement. Nevertheless, for real estate transactions in the state, it is necessary to include certain disclosures within the purchase agreement.

Purchase Agreement Required Disclosures in Michigan

In this section, you can find the list of disclosures you must include in your Michigan real estate purchase agreement.

Mandatory Disclosures

Lead-Based Paint Disclosure. It is required by 42 U.S. Code § 4852d that the seller provide information to the buyer about the presence of lead-based paint hazards in the property. This obligation is applicable to all properties constructed before 1978 and to properties where there is a known lead-based paint hazard.
Seller’s Property Disclosure Statement. The seller must issue a disclosure to the buyer that outlines the condition of the property. The exceptions to this rule can be found at § 565.953.

Common Types of Purchase Agreements in Michigan

This section provides all the types of purchase agreements used in Michigan.

Variaty of Purchase Agreement

Residential real estate purchase agreement. Parties use it to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Sellers and buyers can use this type of purchase agreement form to sell and purchase office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Parties can use this agreement, also known as the motor vehicle bill of sale, to transfer ownership of a car, motorcycle, truck, and other kinds of motor vehicles.
Business purchase agreement. This agreement is used to provide terms for transferring the company's shares.
Land purchase agreement. Parties can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Michigan.
Stock purchase agreement. This type of purchase agreement form is used for selling stocks and shares in companies.

Purchase Agreement in Michigan FAQ

Yes, the Michigan purchase agreement is a legally binding document. It becomes legally binding the moment both the seller and the buyer sign it.
Yes, the purchase price is an essential element of the Michigan sales agreement, and it, therefore, must be included in the document. Otherwise, it won’t be effective since it doesn’t provide the main obligation of the buyer.
No, the seller and the buyer can sign the Michigan purchase agreement without notarizing it. This is due to the fact that the purchase agreement does not transfer any legal rights between the parties.
The only situation where the seller can back out of the purchase agreement is when the buyer fails to meet the contingencies set out in the purchase agreement.