Home Selling in Grand Rapids>Question Details

debrakimball, Home Buyer in Grand Rapids, MI

If the Michiganm Seller's Disclosure statement is unsigned, then does that make the purchase agreement null & void?

Asked by debrakimball, Grand Rapids, MI Fri Dec 14, 2012

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5
Was the house bank owned. If the seller has not lived in the home it probably won't be signed. They do not have an obligation to fill it out or sign it.
0 votes Thank Flag Link Mon Dec 17, 2012
Sellers were living in the home at the time of purchase agreement; it was NOT bank owned.
Flag Mon Dec 17, 2012
No. I will help you if you are not working with anybody else.

Kirk
7888291
0 votes Thank Flag Link Sat Dec 15, 2012
No, not at all. The purchase agreement is where the meeting of the minds between buyer and seller take place.
0 votes Thank Flag Link Sat Dec 15, 2012
No. In Michigan specifically . . .

565.964 Transfer not invalidated by noncompliance.
Sec. 14. A transfer subject to this act shall not be invalidated solely because of the failure of any person to comply with a provision of this act.

It does make the purchase agreement VOIDABLE, meaning that the buyer has 72 hours after receipt of the disclosure to terminate the contract.

That is typical throughout the country, by the way.

To answer your question, Debra, and your response to Joe - the Seller's Disclosure doesn't matter in your case. What you want to do is terminate the contract based on your inspection, and your contract should provide the means to do so. However - in many states, escrow companies are requiring that the seller agree to a rescission of the contract, because escrow companies don't want to be on the hook for interpreting the contract one way, returning your earnest money, and then getting sued by the seller.

Call your agent tomorrow, and ask how you're going to get out of this. If you don't get a satisfactory answer, then call the escrow company on Monday morning, and if that doesn't get you the answer you want, call an attorney.

All the best,
0 votes Thank Flag Link Fri Dec 14, 2012
So if we, as buyers, sign a purchase agreement with sellers disclosure statement that falsely represents the structural/foundation & home inspection has pictures of repairs that they have clearly not disclosed - then we have no recourse with escrow at title company? This is real estate fraud & the title company is complicit! Once the home inspection was done -- all deadlines were met all notification requirements & cancelled the purchase agreement. Question: So there is no standard of practice or requirement for the title company to return escrow in a situation where there is clear misrepresentation of the real estate property? No mortgage company would misrepresented real estate, especially in this economy. There was no rescission in the escrow contract because the sellers chose the title company -- so the buyers are SOL?
Flag Sat Dec 15, 2012
The question is unclear a bit. Every properly listed house should have a seller disclosure signed by seller at the time of listing the home. When an offer is put together, buyer should get signed seller disclosure within 72 hours. If disclosure has something in it that makes buyer to change his/her mind, buyer should rescind the contract immediately or wait until the home inspection is done. Inspection deadline is usualy 10 days and buyer need to address any issues he has with the disclosure. It really does not matter if the disclosure is or is not signed by any or both parties if the inspectio contingency is not utilized on time as described...
0 votes Thank Flag Link Fri Dec 14, 2012
Sellers submitted an unsigned Michigan Sellers Disclosure Statement along with a signed Purchasee Agreement. When home inspection was done, the certified inspector found foundation/structural problems that sellers had attempted to repair so we immediately rescinded the Purchase Agreement within all required timeframes. However, sellers would not sign mutual release agreement so the we could get our money back from the title company. We contacted the title company directly with above information & requested that our escrow be returned immediately but have received no response. How can the title company weasel out of this without ever getting a signed disclosure agreement? Should the state AG's office be contacted or the state insurance regulation agency? This is a total misrepresentation of real estate property and would prevent us from getting a mortgage!
Flag Fri Dec 14, 2012
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