Under the Michigan Seller Disclosure Act (MCL 565.951–565.965), which type of residential property transaction requires the seller to provide a written Seller's Disclosure Statement?
Correct Answer
B) Residential property containing one to four dwelling units
Under MCL 565.952, the Michigan Seller Disclosure Act applies to transfers of residential real property consisting of not more than 4 dwelling units. This includes single-family homes, duplexes, triplexes, and four-unit properties.
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Related Topics & Key Terms
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Related Concepts
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
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