contracts

Seller Disclosure Act (Michigan)

Michigan's 1993 PA 92 (MCL 565.951 et seq.) requiring most sellers of one to four residential units to give buyers a written condition statement on the form printed in the act. It covers sales, land contracts and lease-options. It must be delivered before the seller executes a binding purchase agreement. If delivered late, the buyer may terminate by written notice within 72 hours after delivery in person or 120 hours after delivery by registered mail, until the deed or contract transfers. The statement is not a warranty.