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A real estate purchase agreement is a contract between a Buyer and a Seller of real estate property setting out the various rights and obligations of both the Buyer and Seller.
The person or company acquiring, receiving and purchasing the property referred to as the “Buyer” and the person or company disposing, conveying and selling the stock or assets is referred to as “Seller”. A Michigan home purchase agreement includes other documents to be executed and include, but are not limited to purchase agreement amendments, FHA / VA Amendments, Seller Disclosure Statements, Lead Paint Disclosure Statements, Assignments, claim of liens, and deeds.
Because purchase agreements are contracts, their provisions can be disputed and challenged. Problems with purchase agreements arise when they are drafted poorly and fail to address important concerns at the onset of a contractual or business relationship. This is because a Michigan purchase transaction has many ‘moving parts” and until a closing occurs, there are outside factors that can influence the outcome of a ‘deal’. Even after a closing, legal obligations made as a result of the agreement, survive long afterwards.
Remember, only attorneys can provide legal opinions on the effects of a contract provision found in your purchase agreement; real estate sales peope and title people are not attorneys and cannot provide legal advice. Call us before you sign!
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Frequently Asked Questions
Top Questions Concerning Purchase Agreements.
Do you have other concerns about real estate purchase agreements? Don’t wait – call us today!
Does a purchase agreement always need to be in writing?
The Statute of Frauds requires that for a purchase agreement concerning real estate to be enforceable it must be in writing. Leases that have less than a one year term are the exception.
Is it required by law or is it just customary practice for the seller to pay the title insurance for the buyer?
It is purely customary. The parties can negotiate what closing costs and expenses they will be responsible for.
I signed a purchase agreement and was approved by a mortgage company, now I want to opt out. What are the consequences?
First, your rights and remedies are spelled out in the provisions of the purchase agreement. No one can tell you if and how you can stop the process without first reviewing the documents. Second, do not feel bullied by any mortgage broker or agent to complete a transaction without first speaking with a competent real estate attorney. You may be able to “back out” of your deal, but not without first reviewing the transaction documents.
I signed a Non Disclosure agreement ("NDA") and Purchase Agreement for a Commercial building and now the Landlord/ Seller is telling me not to deal with The real estate Broker. What do I do?
It depends on what the Non -Disclosure Agreements says. Usually in a commercial brokerage agreement there will be some provision dealing with Non-Circumvention of the broker.
Once listings or buyers agreements are endorsed with a broker, the signor may be obligated for a sales commission even if the broker was not directly involved with the final transaction. You will need to provide the documents to a competent real estate attorney for further review to determine what your obligations and options are.
The ad for the property said the lot was 426' x 215', but that it would be redrawn to 500' x250'. After the Purchase agreement was signed the lines were surveyed at 395' x220'. What can I do now?
So the legal description / lot size was misrepresented in the home listing. Unless you made the listing document itself as part of the purchase agreement, it cannot be relied upon and the seller is not liable to you for the stated lot size. You did your due diligence by having the property surveyed. There should be a contingency period in which you can either move forward or cancel the transaction. You should also have your earnest money returned or if you determine if the price is appropriate for the lot size, you have the option to move forward.
A Word About Purchase Agreements
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