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Michigan Real Estate Contracts: An Overview
Michigan real estate contract forms are legally binding agreements used in Michigan for the sale or purchase of the residential real estate. This form outlines the terms and conditions of the transaction, including the purchase price, payment terms, contingencies, and other important details. You may find this document template on the PDFliner website, which offers a user-friendly platform for filling out and signing legal documents online.
Key components of the real estate contract Michigan
The Michigan real estate contract template contains several essential components, including the following:
- Parties involved: Identify the buyer and seller of the property, along with their respective contact information.
- Property details: Specify the address and legal description of the property being sold.
- Purchase price and payment terms: Outlines the purchase price of the property and the payment terms, including the down payment and financing arrangements.
- Contingencies: The contract may include contingencies, such as a home inspection contingency or a financing contingency, that must be met before the sale can be finalized.
How To Fill Out the Michigan Real Estate Purchase Contract Online
Buying or selling real estate can be a complex and time-consuming process. One of the most important documents in a real estate transaction is the purchase contract. Fortunately, filling out the Michigan real estate purchase contract has become easier with the availability of online tools. In this article, we will guide you on how to fill out this document template online on the PDFliner website.
- Begin by entering the date of the agreement in the space provided at the top of the form.
- Next, fill in the Buyer's full legal name(s) in the appropriate field, followed by the Seller's full legal name(s) in the corresponding field.
- Enter the legal description of the property, including the address, city, county, and state, in the space provided under "Property Description."
- In the "Earnest Money Deposit" section, enter the amount of earnest money the Buyer will deposit, the name of the escrow agent, and the escrow agent's address. Also, enter the date of the sale.
- Specify the purchase price of the property in both written and numerical formats in the "Purchase Price" section. Also select the appropriate financing method (e.g. cash, new mortgage loan, land contract, etc.). If applicable, enter the amount to be financed and any other required details.
- In the "Closing Date" section, enter the agreed-upon closing date for the transaction.
- Under "Possession," specify when the Buyer will take possession of the property (e.g., at closing, within a certain number of days after closing, etc.).
- In the "Title Insurance" section, indicate whether the Seller or Buyer will provide a title insurance policy, as well as the name of the title insurance company.
- Complete the "Property Taxes and Assessments" section by entering the tax year, proration date, and any special assessments, if applicable.
- Fill out the "Inspection" section by indicating whether the Buyer has the right to inspect the property and specifying the inspection duration.
- In the "Seller Disclosures" section, note any required disclosures (e.g., lead-based paint, radon gas, etc.) and whether they have been provided to the Buyer.
- Complete the "Personal Property" section, listing any items that will remain with the property upon the sale.
- The Buyer and Seller should both review the entire document and if they agree to the terms, sign and date the form in the designated spaces at the bottom of the form. If a real estate agent or broker is involved in the transaction, have them sign and date the form in the designated spaces provided for the agent/broker.
- Once all parties have signed and dated the form, make copies for each party to retain for their records.
Benefits of filling the Michigan real estate contract on PDFliner
The Michigan real estate contract template is available on the PDFliner website, which offers several benefits for buyers and sellers, including:
- Convenience: The PDFliner platform allows users to fill out and sign the document online, eliminating the need for printing, mailing, or faxing it.
- Security: PDFliner uses industry-standard encryption technology to ensure the security and confidentiality of user data.
- Customization: The PDFliner platform allows users to customize the Michigan real estate contract form template to meet their specific needs, including adding or removing contingencies and modifying payment terms.
- Collaboration: PDFliner allows multiple parties to collaborate on the same document in real-time, making it easier to negotiate and finalize the terms of the contract.
Fillable online Michigan Real Estate Contracts