Mich. Comp. Laws § 565.951
Short title.
This act shall be known and may be cited as the "seller disclosure act".
Michigan Compiled Laws — SELLER DISCLOSURE ACT (Act 92 of 1993)
Michigan · statute · 92 of 1993, Mich. Comp. Laws · 16 active provisions
Mich. Comp. Laws § 565.952
Applicability of seller disclosure requirements.
The seller disclosure requirements of sections 4 to 13 apply to the transfer of any interest in real estate consisting of not less than 1 or more than 4 residential dwelling units, whether by sale, exchange, installment land contract, lease with an option to purchase, any other option to purchase, or ground lease coupl…
Mich. Comp. Laws § 565.953
Seller disclosure requirements; exceptions.
The seller disclosure requirements of sections 4 to 13 do not apply to any of the following: (a) Transfers pursuant to court order, including, but not limited to, transfers ordered by a probate court in administration of an estate, transfers pursuant to a writ of execution, transfers by any foreclosure sale, transfers…
Mich. Comp. Laws § 565.954
Written statement; delivery; time limits; compliance; terminating purchase agreement within certain time limits; expiration of right to terminate.
(1) The transferor of any real property described in section 2 shall deliver to the transferor's agent or to the prospective transferee or the transferee's agent the written statement required by this act. If the written statement is delivered to the transferor's agent, the transferor's agent shall provide a copy to th…
Mich. Comp. Laws § 565.955
Liability for error, inaccuracy, or omission; delivery as compliance with requirements of act; conditions.
(1) The transferor or his or her agent is not liable for any error, inaccuracy, or omission in any information delivered pursuant to this act if the error, inaccuracy, or omission was not within the personal knowledge of the transferor, or was based entirely on information provided by public agencies or provided by oth…
Mich. Comp. Laws § 565.956
Disclosures; inaccuracy as result of action, occurrence, or agreement after delivery; unknown or unavailable information; basis.
If information disclosed in accordance with this act becomes inaccurate as a result of any action, occurrence, or agreement after the delivery of the required disclosures, the resulting inaccuracy does not constitute a violation of this act. If at the time the disclosures are required to be made, an item of information…
Mich. Comp. Laws § 565.957
Disclosure; form.
(1) The disclosures required by this act shall be made on the following form: SELLER'S DISCLOSURE STATEMENT Property Address: __________________________________________ Street _________________________________ Michigan City, Village, or Township Purpose of Statement: This statement is a disclosure of the condition of t…
Mich. Comp. Laws § 565.958
Availability of copies.
Copies of the form prescribed in section 7 shall be made available to the public by all real estate brokers and real estate salespersons.
Mich. Comp. Laws § 565.959
Additional disclosures.
A city, township, or county may require disclosures in addition to those disclosures required by section 7, and may require disclosures on a different disclosure form in connection with transactions subject to this act.
Mich. Comp. Laws § 565.960
Disclosure; good faith.
Each disclosure required by this act shall be made in good faith. For purposes of this act, "good faith" means honesty in fact in the conduct of the transaction.
Mich. Comp. Laws § 565.961
Other obligations created by law not limited.
The specification of items for disclosure in this act does not limit or abridge any obligation for disclosure created by any other provision of law regarding fraud, misrepresentation, or deceit in transfer transactions.
Mich. Comp. Laws § 565.962
Disclosure; amendment.
Any disclosure made pursuant to this act may be amended in writing by the transferor, but the amendment is subject to section 4.
Mich. Comp. Laws § 565.963
Disclosure; manner of delivery.
Delivery of a disclosure statement required by this act shall be by personal delivery, facsimile delivery, or by registered mail to the prospective purchaser. Execution of a facsimile counterpart of the disclosure statement shall be considered to be execution of the original.
Mich. Comp. Laws § 565.964
Transfer not invalidated by noncompliance.
A transfer subject to this act shall not be invalidated solely because of the failure of any person to comply with a provision of this act.
Mich. Comp. Laws § 565.965
Liability of agent.
An agent of a transferor shall not be liable for any violation of this act by a transferor unless any agent knowingly acts in concert with a transferor to violate this act.
Mich. Comp. Laws § 565.966
Effective date.
This act shall take effect upon the expiration of 180 days after the date of its enactment.