Michigan residential real estate purchase and sale agreements are documents created by potential buyers to place an offer for a property. You must provide the seller with information on how to pay for the offer and down payment offered, by e.B. financing through the bank or seller, or through the sale of another property. The buyer will set a deadline within which his offer must be successfully accepted or negotiated. The contract is not legally binding until both parties have signed it. Seller`s Declaration of Ownership (§ 565.957) – The Seller must provide the Buyer with a complete declaration of the current condition of the property. In addition, the buyer should have the property checked by experts. The attached purchase agreement is a standard contract between buyer and seller for real estate in Michigan and is approved by the Michigan Association of Realtors. Under this agreement, the seller of real estate in Michigan is responsible for paying the premium for the owners` title insurance policy. Under this Agreement, the seller of real estate in Michigan is responsible for paying the premium for the owners` title insurance policy (see point 4 for details). Disclosure of Lead-Based Paint – If the house sold was built before 1978, the seller must inform the buyer if toxic lead paint was used on the premises. Michigan Residential Real Estate Purchase Agreement.