Under the Michigan Seller Disclosure Act (MCL 565.951–565.965), which of the following transactions is NOT exempt from the requirement to provide a Seller's Disclosure Statement?
Correct Answer
D) A sale of a single-family home by an owner-occupant to an unrelated third-party buyer
A sale of a single-family home by an owner-occupant to an unrelated third-party buyer is a standard arms-length transaction that falls squarely within the scope of the Michigan Seller Disclosure Act. This type of transaction is NOT exempt and requires the seller to provide a completed Seller's Disclosure Statement. All other options listed are among the statutory exemptions under MCL 565.953.
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Related Topics & Key Terms
Key Terms:
Related Concepts
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
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