Michigan Residential Purchase Agreement

This Michigan Residential Purchase Agreement (this "Agreement") is made as of [[Effective Date]] by and between [[Seller Full Legal Name(s)]] ("Seller") and [[Buyer Full Legal Name(s)]] ("Buyer"). Seller agrees to sell and Buyer agrees to purchase the real property described herein on the terms set forth below. This Agreement is governed by the laws of the State of Michigan, including MCLA 565.161 et seq. and the Seller Disclosure Act (MCLA 565.951, 565.965)., -

ARTICLE I, PARTIES AND PROPERTY

1. Seller

Seller: [[Seller Full Legal Name(s)]]

Seller's Address for Notices: [[Seller Notice Address]]

If Seller is married, both spouses must sign this Agreement unless the Property is Seller's separate property.

2. Buyer

Buyer: [[Buyer Full Legal Name(s)]]

Buyer's Address for Notices: [[Buyer Notice Address]]

Buyer shall take title in the following manner: [[Vesting Type, e.g. sole and separate property, joint tenants with right of survivorship, tenants in common]]

3. Property Description

The real property being sold is located at:

[[Property Street Address]]

[[City]], Michigan [[ZIP Code]]

County of [[County]]

Legal Description:

[[Full Legal Description or attach as Exhibit A]]

Tax Parcel ID: [[Tax Parcel / PIN Number]]

The Property includes the land, all buildings, improvements, fixtures, and appurtenances, including but not limited to built-in appliances, heating and cooling systems, water heaters, lighting fixtures, ceiling fans, window treatments, garage door openers, and any items that customarily pass with the property under Michigan law, unless specifically excluded in Section 4.

4. Personal Property Included

The following personal property is included in the Purchase Price and shall be conveyed to Buyer at closing in its present condition, subject to ordinary wear and tear:

[[List of Included Personal Property, e.g. refrigerator, range, dishwasher, washer and dryer, window air conditioners, above-ground pool equipment]]

5. Personal Property Excluded

The following items are excluded and shall be removed by Seller prior to closing:

[[List of Excluded Personal Property, e.g. dining room chandelier, backyard shed, specific window treatments]]

Seller shall repair any damage caused by removal of excluded items., -

ARTICLE II, PURCHASE PRICE AND EARNEST MONEY

6. Purchase Price

The total Purchase Price is [[Purchase Price in Words]] Dollars ($[[Purchase Price Numerals]]), payable as follows:

7. Earnest Money Deposit

Within [[Earnest Money Deposit Deadline, e.g. three (3) business days]] after the Effective Date (or upon Seller's acceptance if later), Buyer shall deposit the sum of $[[Earnest Money Deposit Amount]] as earnest money ("Earnest Money") with [[Escrow Agent / Broker or Attorney Name]] ("Escrow Holder"), a licensed real estate broker or attorney in the State of Michigan. The Escrow Holder shall hold the Earnest Money in a separate escrow account in a federally insured financial institution in Michigan pending closing or earlier termination of this Agreement.

Earnest money is not consideration for this Agreement but is security for Buyer's performance. Disposition of Earnest Money is governed by Section 28.

8. Additional Deposit

☐ Not applicable.

☐ Buyer shall deposit an additional $[[Additional Deposit Amount]] with Escrow Holder on or before [[Additional Deposit Deadline]].

9. Financing Contingency

This Agreement ☐ is / ☐ is not contingent upon Buyer obtaining a mortgage loan.

If contingent:

• Loan Type: [[Conventional / FHA / VA / USDA / Other Specified]]
• Loan Amount: not to exceed $[[Maximum Loan Amount]] or [[Loan to Value Percentage]]% of Purchase Price
• Maximum Interest Rate: [[Maximum Interest Rate, e.g. 7.25%]] per annum
• Loan Term: [[Loan Term in Years, e.g. 30]] years
• Financing Contingency Deadline: [[Financing Deadline Date]]

Buyer shall apply for financing within [[Loan Application Deadline, e.g. five (5) business days]] after the Effective Date and pursue approval diligently. If Buyer is unable to obtain a written commitment meeting these terms by the Financing Contingency Deadline, Buyer may terminate this Agreement by written notice to Seller and receive a full refund of the Earnest Money. Failure to give timely notice waives the contingency.

10. Appraisal Contingency

☐ Appraisal Contingency: This Agreement is contingent on the Property appraising for at least the Purchase Price. Buyer shall order the appraisal within [[Appraisal Order Deadline, e.g. seven (7) days]] of the Effective Date. If the appraised value is lower, Buyer may:

1. Terminate and receive Earnest Money refund.

2. Waive the contingency and proceed at Purchase Price.

3. Negotiate a price reduction with Seller.

Seller shall have [[Seller Response Period, e.g. three (3) business days]] to respond to any reduction request. If no agreement, Buyer may terminate.

☐ Appraisal Contingency Waived. Buyer agrees to close regardless of appraised value., -

ARTICLE III, DUE DILIGENCE, INSPECTIONS AND DISCLOSURES

11. Inspection and Due Diligence Period

There is no statutory due-diligence or inspection period under Michigan law. The parties agree to the following inspection period:

Buyer shall have [[Inspection / Due Diligence Period, e.g. ten (10) business days]] from the Effective Date (the "Inspection Period") to conduct inspections of the Property, including but not limited to structural, mechanical, electrical, plumbing, roof, foundation, environmental, and pest inspections, at Buyer's sole expense.

Buyer may terminate this Agreement for any reason or no reason during the Inspection Period by delivering written notice to Seller. Upon timely termination, the Earnest Money shall be returned to Buyer. If Buyer does not terminate in writing by the end of the Inspection Period, the inspection contingency is waived.

12. Seller Disclosure Statement

Seller shall provide Buyer with a completed Seller's Disclosure Statement as required by the Seller Disclosure Act (MCLA 565.951, 565.965) within ten (10) days after the Effective Date (or upon acceptance if later). The Disclosure Statement discloses known material defects in the Property.

Buyer shall have the right to terminate this Agreement within [[Buyer Review Period after Disclosure, e.g. 72 hours or as negotiated]] after receipt of the Disclosure Statement by delivering written notice to Seller. If Buyer does not terminate within that period, Buyer accepts the disclosures.

13. Title and Title Insurance

Seller shall deliver marketable title to the Property, free and clear of all liens and encumbrances except those agreed to be assumed or that do not materially affect value or use.

Within [[Title Commitment Deadline, e.g. five (5) to ten (10) business days]] after the Effective Date, Seller shall cause a title insurance commitment to be issued by [[Title Company Name]] in the amount of the Purchase Price, committing to insure Buyer's title subject only to standard exceptions and those permitted herein. Buyer shall have [[Title Objection Period, e.g. five (5) business days]] after receipt of the commitment to object in writing to any title defects. Seller shall have a reasonable time, not to exceed thirty (30) days, to cure defects or this Agreement may be terminated and Earnest Money returned.

Buyer shall purchase an owner's policy of title insurance at closing. Premiums for owner's policy and lender's policy (if any) shall be paid as follows: [[Title Insurance Payment Allocation, e.g. Seller pays for owner's, Buyer pays for lender's or per local custom]].

14. Survey

☐ Seller shall provide a current survey or Buyer may order one at Buyer's expense during Inspection Period.

☐ No survey required., -

ARTICLE IV, CLOSING, POSSESSION AND COSTS

15. Closing Date

Closing shall occur on or before [[Closing Date]] ("Closing Date"), or on such other date as the parties may agree in writing. Closing shall take place at the office of the Escrow Holder or Title Company, or such other location as agreed.

The typical closing timeline in Michigan is thirty (30) to forty-five (45) days from the Effective Date unless otherwise negotiated.

16. Possession

Possession of the Property shall be delivered to Buyer at Closing, unless otherwise agreed in writing. If Seller remains in possession after Closing, the parties shall execute a separate occupancy agreement specifying rent, duration, and other terms.

17. Prorations and Adjustments

At Closing, the following shall be prorated as of the Closing Date:

• Real property taxes (based on latest available bill, subject to later adjustment when actual taxes are known)
• Assessments
• Rents (if any)
• Utilities (final readings obtained where possible)
• Homeowner association dues and fees (if applicable)
• Fuel oil or propane (if applicable)

Seller shall pay all special assessments confirmed and due prior to Closing. Buyer shall pay those becoming due after Closing.

18. Closing Costs and Transfer Taxes

Buyer shall pay:

• Recording fees for deed and mortgage (if any)
• Lender's title insurance premium (if applicable)
• Appraisal fee
• Credit report fee
• Any other lender-required fees

Seller shall pay:

• State and county real estate transfer taxes (Michigan Transfer Tax)
• Owner's title insurance premium (customary)
• Any existing mortgage payoff and recording of discharge
• Prorations adjustments in Seller's favor

Michigan Transfer Tax applies at closing at the combined state rate of 0.75% of the taxable value of the interest transferred plus applicable county rates (typically 0.55%, 1.10% depending on county). The tax is usually split or paid per local custom or agreement. [[Transfer Tax Allocation, e.g. Seller pays state and county transfer taxes]]

Any other closing costs shall be allocated as agreed or per local custom: [[Other Closing Cost Allocation]]

19. Michigan Property Transfer Affidavit

At Closing, Seller and Buyer shall execute any required Property Transfer Affidavit (Form L-4260 or equivalent) and any other documents required by the Michigan State Tax Commission or local assessor to report the sale for property tax purposes., -

ARTICLE V, REPRESENTATIONS, WARRANTIES AND CONTINGENCIES

20. Seller Representations

Seller represents and warrants that:

1. Seller has good and marketable title to the Property and full authority to sell it.

2. There are no pending or threatened legal proceedings affecting the Property except as disclosed.

3. Seller has not received notice of any pending or proposed special assessments, eminent domain, or zoning changes except as disclosed in the Seller Disclosure Statement.

4. All utilities serving the Property are in good working order as of the Effective Date.

5. Seller shall maintain the Property in its present condition, reasonable wear and tear excepted, until Closing.

21. Buyer Representations

Buyer represents that Buyer has sufficient funds or financing commitments to complete the purchase and has conducted (or will conduct during Inspection Period) such due diligence as Buyer deems appropriate.

22. Homeowners Association / Condominium

If the Property is subject to a homeowners association or condominium:

• Seller shall deliver to Buyer within [[HOA Document Delivery Deadline, e.g. five (5) business days]] after Effective Date: current bylaws, rules, declaration, budget, reserve study, and most recent financial statements.

• Buyer shall have the right to review and terminate during the Inspection Period or within the period allowed by the governing documents or law.

• Any required HOA transfer or approval fees shall be paid by: [[HOA Fee Payer, Buyer or Seller]]

23. Sale of Buyer's Current Home Contingency (if applicable)

☐ Not applicable.

☐ This Agreement is contingent on Buyer selling Buyer's current home located at [[Buyer's Current Home Address]]. Buyer shall list the home within [[Listing Deadline]] days and keep it actively marketed. If Buyer's home is not under contract by [[Home Sale Deadline]], either party may terminate and Earnest Money returned to Buyer., -

ARTICLE VI, DEFAULT, REMEDIES AND TERMINATION

24. Default by Buyer

If Buyer defaults, Seller may:

• Retain the Earnest Money as liquidated damages (not a penalty), or
• Pursue specific performance or other remedies at law or equity.

25. Default by Seller

If Seller defaults, Buyer may:

• Receive full refund of Earnest Money, or
• Pursue specific performance or damages.

26. Termination

Either party may terminate this Agreement as expressly permitted herein. Upon valid termination, Escrow Holder shall return the Earnest Money to Buyer (or as otherwise agreed) within a reasonable time after receiving written instructions signed by both parties or a court order., -

ARTICLE VII, GENERAL PROVISIONS

27. Notices

All notices under this Agreement shall be in writing and delivered by hand, certified mail, overnight courier, or email (with read receipt) to the addresses set forth above or such other address as a party designates in writing. Notice is effective upon receipt or, if mailed, three (3) business days after mailing.

28. Earnest Money Disputes

In the event of a dispute over Earnest Money, Escrow Holder may interplead the funds into a Michigan court or follow the Michigan Real Estate Brokers Act procedures. Escrow Holder shall not be liable for following court order or mutual written instructions.

29. Governing Law and Venue

This Agreement shall be governed by and construed under the laws of the State of Michigan. Any action arising out of this Agreement shall be brought in the state or federal courts located in the county where the Property is situated or in [[Alternative Venue County]].

30. Entire Agreement; Amendments

This Agreement, including any addenda and exhibits attached hereto, constitutes the entire agreement between the parties and supersedes all prior negotiations, representations, and agreements. No modification shall be binding unless in writing and signed by both parties.

31. Severability

If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall continue in full force and effect.

32. Assignment

Buyer may not assign this Agreement without Seller's prior written consent, which shall not be unreasonably withheld.

33. Time of Essence

Time is of the essence in all provisions of this Agreement requiring performance by a specified date.

34. Counterparts; Electronic Signatures

This Agreement may be executed in counterparts, each of which shall be deemed an original. Electronic signatures (including DocuSign or similar) shall be deemed valid and binding.

35. Exhibits and Addenda

The following exhibits and addenda are attached and incorporated:

• Exhibit A: Legal Description (if not in body)
• Exhibit B: Seller's Disclosure Statement (to be attached)
• [[Add other exhibits: Lead-Based Paint Disclosure if pre-1978, FIRPTA Affidavit, etc.]], -

SIGNATURES

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date first written above.

SELLER:

_____________________________________________

[[Seller Full Legal Name(s)]]

Date: [[Seller Signature Date]]

BUYER:

_____________________________________________

[[Buyer Full Legal Name(s)]]

Date: [[Buyer Signature Date]], -

BROKER / AGENT ACKNOWLEDGMENT (if applicable)

Listing Broker: [[Listing Broker / Company Name]]

Selling Broker: [[Selling Broker / Company Name]]

The undersigned brokers acknowledge receipt of the Earnest Money and agree to hold and disburse it in accordance with this Agreement and Michigan law.

Listing Broker Signature: ______________________________ Date: _______

Selling Broker Signature: ______________________________ Date: _______, -

DISCLAIMER: This is a template example for informational and illustrative purposes only. It is not legal advice. Michigan real estate transactions involve complex legal requirements. Parties should consult a licensed Michigan real estate attorney, review all disclosures required by law, and verify current statutes, local ordinances, and title requirements before using or signing any agreement. Laws and forms change; verify with primary sources including the Michigan Legislature website as of the date of use., -

Quick Reference, Michigan-Specific Timeline Summary

1. Earnest Money deposited with licensed broker or attorney within agreed deadline (typically 1, 3 business days).

2. Seller provides Seller Disclosure Statement within 10 days of acceptance per MCLA 565.951 et seq.

3. Buyer conducts inspections during negotiated Inspection Period (commonly 7, 14 days; no statutory period).

4. Title commitment provided within 5, 10 business days.

5. Financing and appraisal contingencies completed by their respective deadlines.

6. Closing occurs typically 30, 45 days from Effective Date.

7. Possession delivered at Closing unless separate agreement.

8. Michigan Transfer Tax paid at Closing (state + county components).

9. Property Transfer Affidavit filed at or after Closing.

10. Any post-closing adjustments for taxes or prorations handled per agreement.

All deadlines are subject to negotiation and must be stated with specificity in this Agreement.

> ⚠️ Template example, not professional (legal/financial/medical) advice. Figures and clauses must be verified for the applicable jurisdiction and kept current. Invented values are tagged `[[...]]`. Consult qualified Michigan counsel and review current MCLA statutes, local court rules, and title company requirements., -

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