What is a Michigan Real Estate Contract?
A Michigan real estate contract, sometimes called a residential real estate purchase and sale agreement, is a contract between a party selling property and a party who is offering to purchase the property.
The contract is typically drafted by the buyer’s realtor or real estate attorney after the buyer makes an offer. If the seller accepts the offer, the parties will negotiate the terms of the contract to facilitate the sale. Once both parties sign a real estate contract, it becomes legally enforceable.
Common Michigan Real Estate Contracts
There are several standard contract forms that are used in real estate transactions in Michigan. These forms include:
- Huron Title Company Purchase Agreement. A contract template provided by Huron Title Company when this title company is hired.
- Liberty Title Company Purchase Agreement. Provided by Liberty Title Insurance, this contract is easy to use and great for FSBO customers.
- Michigan Association of Realtors contract. The most commonly used contract for residential real estate in Michigan and provided by the Michigan Association of Realtors.
- West Michigan Regional Purchase Agreement. An easy-to-use purchase agreement approved by the West Michigan Board of Realtors.
Using one of these templates provided by title companies and real estate associations will ensure that the contract includes all necessary terms to create a legally binding agreement.
4 Essential Elements of a Michigan Real Estate Contract
All contracts must include specific essential elements to be valid and legal. In Michigan, a real estate contract must have these four essential elements:
- Legally competent parties
- Mutual consent between the parties to enter the agreement
- An offer, acceptance, and consideration
- Legal purpose
If a real estate contract is missing any of these four elements, a court could rule that it is invalid. In addition, all real estate contracts must be in writing and signed by both parties to be enforceable.
What Must Be Included in a Michigan Real Estate Contract?
A Michigan real estate contract needs to include specific information to facilitate the sale of the property. This contract should include the following essential information:
- Purchase price. The agreed upon amount the buyer has promised to pay the seller in exchange for the property title.
- Closing date. The date that the sale is finalized and payment must be made for the property.
- Earnest money deposit. The deposit made by the buyer, often when the real estate contract is signed, to show the seller they are committed to purchasing the property.
- Contingencies. Contingencies are the conditions that must be met by either the buyer or the seller to complete the deal. Common contingencies include the buyer selling their previous home or the home passing a home inspection.
- Disclosure requirements. Disclosures are potentially problematic conditions about the property the seller must reveal to the buyer before closing the sale. Michigan requires that all real estate contracts include a seller’s property disclosure statement and a lead-based paint disclosure.
Can a Seller Back Out of a Real Estate Contract in Michigan?
A seller can back out of a real estate contract in Michigan under limited circumstances. The most common way a seller can terminate a contract is by including a contingency in the contract that allows them to do so if certain conditions, often called contingencies, are not met. Contingencies can include the property not passing inspection or the buyer not securing financing.
A seller can also back out if the buyer breaches the contract, for example if the buyer does not fulfill their obligations outlined in the contract. Additionally, under Michigan laws, the seller has five days after signing the contract to cancel the agreement.
See Real Estate Contract by State
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- Illinois
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- Louisiana
- Maine
- Maryland
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- Michigan
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- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
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- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Meet some of our Michigan Real Estate Contract Lawyers
Curt B.
Curt Brown has experience advising clients on a variety of franchising, business litigation, transactional, and securities law matters. Mr. Brown's accolades include: - Super Lawyers Rising Star - California Lawyer of the Year by The Daily Journal - Pro Bono Attorney of the Year the USC Public Interest Law Fund Curt started his legal career in the Los Angeles office of the prestigious firm of Irell & Manella LLP, where his practice focused on a wide variety of complex civil litigation matters, including securities litigation, antitrust, trademark, bankruptcy, and class action defense. Mr. Brown also has experience advising mergers and acquisitions and international companies concerning cyber liability and class action defense. He is admitted in California, Florida, D.C., Washington, Illinois, Colorado, and Michigan.
September 4, 2022
Deborah W.
Williamson Health Law is an established and trusted law firm focused on representing hospitals, health plans, physician groups, physicians, physical therapy businesses, psychologists and other health care providers and businesses in all aspects of health law. including the Stark law, the Anti-Kickback Statute (“AKS”), the Health Insurance Portability and Accountability Act (“HIPAA”), regulatory compliance, Medicare and Blue Cross audits and overpayment appeals, payer departicipation and disaffiliation appeals, payer and provider disputes, reimbursement and billing, compliance plans, health care industry contracts and professional licensure. We represent clients throughout Michigan and the U.S. with certain federal matters such as federal regulatory analysis and Medicare audits.
November 28, 2022
Ari G.
Ari is a transactional attorney with substantial experience serving clients in regulated industries. He has worked extensively with companies in regulated state cannabis markets on developing governance documents (LLC operating agreements, corporate bylaws, etc...), as well as drafting and negotiating all manner of business and real estate contracts.
December 3, 2022
Evan F.
I am the Founding Member of Evan Ficaj Law Firm PLLC, and I am passionate about helping businesses launch, grow, and succeed. My law firm assists clients with business, contract, entertainment, IP, and estate planning matters.
May 20, 2023
Andy K.
Licensed in MI since 2010. Practiced SSDI appeals and auto negligence for over a decade until 12/2022 when I left largest personal injury firm In MI to open my own estate planning firm. Looking for part-time contract/remote work to supplement income as I build my own practice.
May 30, 2023
Jocelyne U.
Jocelyne Uy graduated from law school in 2002 where she began her career in insurance defense where she practiced a wide range of issues relating to insurance policies and claims. Identifying a need for representation for those working cross border, Jocelyne understood the unique interplay of the laws of Canada and the U.S. and started her first firm in Michigan focusing on Canadian American immigration and tax law. Jocelyne and her partner realize that Nevada residents continuously face challenges in finding affordable and accessible representation to assist with their debt issues. Because of these challenges and continuous shifting economy, they are committed to assisting anyone who finds themselves struggling to handle the debt and credit cycle that often feels hopeless and endless. Jocelyne's firm has assisted clients in post-COVID financial crisis ranging from credit card debt, student loan debt, and COVID unemployment repayment hearings.
June 14, 2023
Amanda K.
I have strong analytical and oratory skills that will undoubtedly assist in the identification of legal issues and the creation of a strategy that is in the best interest of the client.
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Browse Lawyers NowReal Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
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ContractsCounsel User
Home Ownership Stake
Location: Massachusetts
Turnaround: Over a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 2
Bid Range: $500 - $550
ContractsCounsel User
Wholesale contracts for California
Location: California
Turnaround: A week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 4
Bid Range: $450 - $3,000
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