KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER MICHIGAN LAW -
I. STANDARD FORMS OF AGREEMENTS -
A. Offers to Purchase that are accepted by sellers are the typical form of purchase contract for residential properties. The offer, often negotiated before being signed by all parties, typically sets forth the offered price, proposed closing date, buyer’s inspection and financing contingencies, type of deed conveyance (warranty, special or quit claim), and certain other terms of the transaction. Any proposed change by seller to the buyer’s offer is considered a counteroffer.
B. Negotiated Purchase and Sale Agreements are typically utilized when commercial or industrial properties are bought and sold.
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