Under the Michigan Seller Disclosure Act (Act 92 of 1993) and related Michigan environmental law, which of the following is NOT a category of information that a seller of a 1–4 unit residential property is required to disclose on the Seller's Disclosure Statement?
Correct Answer
A) The buyer's estimated annual cost to heat and cool the property
The Michigan Seller Disclosure Act requires sellers to disclose known material defects and environmental hazards, including underground storage tanks, lead-based paint, radon, and similar conditions. The estimated annual cost to heat and cool the property is not a required disclosure item under the Michigan Seller Disclosure Act or related environmental statutes. While energy cost information may be voluntarily shared, it is not mandated by MCL 565.951–565.965.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Violating fair housing laws can lead to significant penalties, including fines, civil liability, and professional discipline.
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
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