A Michigan purchase agreement typically becomes binding when:

The buyer's signature merely constitutes an offer, not a binding agreement. The seller has the right to accept, reject, or counteroffer. No contract exists until acceptance occurs.

Earnest money is typically deposited after the contract is formed and serves as evidence of the agreement's existence, not its creation. It's consideration, not the formation element.

A home inspection is a contingency that may be waived but is not required for contract formation. The contract exists before inspection occurs, subject to contingency removal.