I have included some valuable information regarding the sale and purchase of property that you need to be aware of prior to purchasing or selling a home in Michigan.
AGENCY DISCLOSURE: As of January 1, 1994, Michigan Law requires real estate licensees to disclose what type of agency relationship they have with you prior to you disclosing any confidential information. The Disclosure Regarding Real Estate Agency Relationships should be introduced to you at your first meeting.
SELLER'S DISCLOSURE: Michigan Law requires the Seller's Disclosure Statement be received by the purchaser prior to closing. It is customarily given to the purchaser(s) prior to writing an offer to purchase. Failure to provide purchaser with a signed disclosure statement will enable a purchaser to terminate an otherwise binding purchase agreement.
LEAD-BASED PAINT DISCLOSURE: All homes built prior to 1978 must have a Lead Based Paint Disclosure form provided by the Seller(s) and acknowledged by the purchaser. This disclosure document is required on all residential property sold in the state in addition to the booklet entitled " Protect Your Family From Lead In Your Home".
The Assessment Cap & What It Means To You
With the passage of "Proposal A" in March of 1994, the laws changed in how property taxes are determined. Some of those changes are difficult to understand. This brochure helps explain the property assessment and taxation system used to tax property in Michigan.
