Under the Michigan Seller Disclosure Act, when must the seller provide the Seller's Disclosure Statement to the buyer?
Correct Answer
C) Before or at the time the purchase agreement is signed by the buyer
Under the Michigan Seller Disclosure Act (MCL 565.957), the seller is required to provide the Seller's Disclosure Statement to the buyer before or at the time the buyer signs the purchase agreement. If the disclosure is provided after the purchase agreement is signed, the buyer is entitled to a 72-hour right of rescission. The preferred practice is to provide the disclosure before the buyer signs.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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