If you`re looking to purchase residential real estate in Michigan, you will likely need to sign a purchase agreement. A purchase agreement essentially outlines the terms of the sale, including the purchase price, closing date, and any contingencies or conditions that must be met before the sale can be finalized.
In Michigan, the purchase agreement is typically prepared by the seller`s real estate agent or attorney. However, as the buyer, it`s important to review the agreement carefully and make sure that all terms are agreeable before signing.
One key aspect of the residential real estate purchase agreement in Michigan is the inspection contingency. This allows the buyer to have the property inspected by a licensed inspector and request repairs or adjustments before the sale is finalized. The inspection must be completed within a specified timeframe, and the seller is typically given the option to make the requested repairs or offer a credit instead.
Another important aspect of the purchase agreement is the financing contingency. This outlines the terms of any financing that the buyer will need to secure in order to purchase the property. If the buyer is unable to obtain financing within a specified timeframe, the sale may be terminated.
In addition to these contingencies, the purchase agreement will also outline the responsibilities of both the buyer and seller leading up to the closing date. This may include requirements for securing title insurance, providing proof of homeowner`s insurance, and transferring utilities.
Overall, the residential real estate purchase agreement in Michigan is a complex document that should be reviewed carefully by both the buyer and seller. With the help of a knowledgeable real estate agent or attorney, you can ensure that all terms are fair and reasonable before signing on the dotted line.