Updated July 31, 2023
A Michigan commercial real estate purchase and sale agreement is a contract that is used to record the terms and conditions of commercial real estate transactions. The agreement will describe the potential buyer’s offer and may be subject to further negotiation and revisions. In addition to the proposed purchase price, the contract must state how the transaction will be financed, if the buyer will make any earnest deposits, and any specific conditions regarding the purchase (retrofitting, inspections, contingencies, price adjustments at closing, etc.). Once both parties agree to the conditions of the transaction and provide their signatures, the agreement becomes legally binding.
Disclosures
Hazardous Substances (§ 324.20116) – If there is a history of hazardous substances being released on a property, any potential buyers must be provided with a notice that describes the general nature and extent of the release.
Realtor Version
Michigan Realtors – PDF
Residential Property
Michigan Residential Purchase Agreement – A real estate agreement entered into by a buyer and a seller to a residential property sale.
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