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Seller's Disclosure Statement
What is the Residential Property Disclosure and when is it used?
Seller Disclosure Act requires that sellers disclose everything they know about their property. Enacted in 1994, covers all one to four family residential dwellings for sale or lease with an option to buy.
The mandated disclosure form must be used whenever an interest in property is transferred with or without the use of a real estate agent.
The seller is responsible for filling out the form. If the seller hires a professional to give an opinion regarding the condition of the property, the seller is still required to fill out the form. The seller is required to reveal any contradictions or defects if they are contrary to the professional’s report or opinion.
The seller’s disclosure statement must be delivered to the buyer or to the buyer’s agent prior to the seller signing an offer to purchase or executing a land contract. Failure to deliver the statement in accordance with this law allows the buyer to terminate the contract by delivering a written notice of termination to the seller or the seller’s agent. This notice must be delivered in person, by fax, or by registered mail within the following time frames:
- Seventy tow hours after delivery of the seller’s disclosure statement if it was delivered in person.
- One hundred twenty hours after delivery of the seller’s disclosure statement if it was delivered by registered mail.
The buyer’s right to terminate the contract ends when the transaction closes.
After the seller fills out and signs the disclosure form, the seller is obligated to disclose immediately any changes that occur in the structural, mechanical, or appliance systems of the property until the day of closing.
The seller’s agent will not be held liable for the seller’s violation of this act unless the agent knowingly acts with the seller to misrepresent the property.
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Website content is for informational purposes only. It is believed to be reliable,
but is not warranted nor guaranteed to be accurate.
Copyright © 2006-2007. Jackson Area Association of REALTORS®. All rights reserved.
505 S Jackson St, Jackson, MI 49203 Phone: (517) 787-6175
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