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 Sellers of Real Property in Michigan are Subject to Disclosure RequirementsThe old legal maxim of "caveat emptor" (let the buyer beware) has been riddled with holes in the modern age of consumer protection. A prime example is the Michigan Seller Disclosure Act, which took effect in January, 1994. It applies to all residential sales of up to four units, including land contracts, exchanges, and leases with option to buy, as well as transfers by deed. Fortunately for the Seller, the law states that a Seller is not liable for any error, inaccuracy or omission in any information given to the Buyer, as long as the Seller exercised reasonable care in providing the information, and the Seller had no personal knowledge of the false or omitted information.The disclosure statement form must be delivered by the Seller to the Buyer (or to a real estate agent for either party, and then to the Buyer), before signing the initial buy-sell or purchase agreement, or before signing the land contract or lease. If the disclosure statement is not delivered on time, the Buyer has the right to terminate the agreement within 3 days (5 days if the statement was sent by mail). In other words, failure to complete and deliver the form to the Buyer on time gives the Buyer the right to walk away from the purchase. The disclosure statement must be based upon the seller's personal knowledge, although it includes a warning that "This statement is not a warranty of any kind by the seller or by any agent representing the seller in this transaction, and is not a substitute for any inspections or warranties the buyer may wish to obtain." The Seller may provide a copy of an expert's report or opinion in lieu of disclosure, unless the Seller knows of a defect or condition that contradicts the report or opinion. The Seller Disclosure Act emphasizes the importance to the Buyer of obtaining all of the information needed to make an informed buying decision. In most cases, an inspection by an expert of the Buyer's choosing is recommended. We have assisted both buyers and sellers in residential, commercial and industrial real estate transactions. If you would like a copy of the Seller's Disclosure Statement form, please ask us, and feel free to contact us for any of your real estate needs. For more articles and resources on law-related topics, visit the Coupe & Van Allsburg site. |
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