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In Michigan, how after selling a house is the seller liable…

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In Michigan, how long after...
In Michigan, how long after selling a house is the seller liable to problems. There was truthful full disclosure. Buyer had home inspected.
Submitted: 1 year ago.Category: Real Estate Law
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2/10/2017
Real Estate Lawyer: Ray, Lawyer replied 1 year ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,242
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Customer reply replied 1 year ago
Ok, thank you.
Customer reply replied 1 year ago
Sorry, cannot talk am on lunch break at work.
Real Estate Lawyer: Ray, Lawyer replied 1 year ago

Arguably there is no liability when full disclosure was made on the seller disclosure at time of sale.

Michigan has law about seller disclosure and if this was complied with then no further legal liability.

MI Seller Disclosure Act - [Loislaw 8-14-2002]

565.951 Short title.
565.953 Seller disclosure requirements; exceptions.
565.954 Written statement; delivery; time limits; compliance; terminatingpurchase agreement within certain time limits; expiration of right to terminate.
565.955 Liability for error, inaccuracy, or omission; delivery as compliancewith requirements of act; conditions.
565.956 Disclosures; inaccuracy as result of action, occurrence, oragreement after delivery; unknown or unavailable information; basis.
565.957 Disclosure; form.
565.958 Availability of copies.
565.959 Additional disclosures.
565.960 Disclosure; good faith.
565.961 Other obligations created by law not limited.
565.962 Disclosure; amendment.
565.963 Disclosure; manner of delivery.
565.964 Transfer not invalidated by noncompliance.
565.965 Liability of agent.
565.966 Effective date.

565.951 Short title.
Sec. 1. This act shall be known and may be cited as the "seller disclosureact".
History: 1993, Act 92, Eff. Jan. 10, 1994.

565.952 Applicability of seller disclosure requirements.
Sec. 2. The seller disclosure requirements of sections 4 to 13 apply tothe transfer of any interest in real estate consisting of not less than1 or more than 4 residential dwelling units, whether by sale, exchange,installment land contract, lease with an option to purchase, any otheroption to purchase, or ground lease coupled with proposed improvementsby the purchaser or tenant, or a transfer of stock or an interest in aresidential cooperative.
History: 1993, Act 92, Eff. Jan. 10, 1994.

565.953 Seller disclosure requirements; exceptions.
Sec. 3. The seller disclosure requirements of sections 4 to 13 do not applyto any of the following:

(a) Transfers pursuant to court order, including, but not limited to, transfersordered by a probate court in administration of an estate, transfers pursuantto a writ of execution, transfers by any foreclosure sale, transfers bya trustee in bankruptcy, transfers by eminent domain, and transfers resultingfrom a decree for specific performance.
(b) Transfers to a mortgagee by a mortgagor or successor in interest whois in default, or transfers to a beneficiary of a deed of trust by a trustoror successor in interest who is in default.
(c) Transfers by a sale under a power of sale or any foreclosure sale undera decree of foreclosure after default in an obligation secured by a mortgageor deed of trust or secured by any other instrument containing a powerof sale, or transfers by a mortgagee or a beneficiary under a deed of trustwho has acquired the real property at a sale conducted pursuant to a powerof sale under a mortgage or deed of trust or a sale pursuant to a decreeof foreclosure or has acquired the real property by a deed in lieu of foreclosure.
(d) Transfers by a nonoccupant fiduciary in the course of the administrationof a decedent's estate, guardianship, conservatorship, or trust.
(e) Transfers from 1 co-tenant to 1 or more other co-tenants.
(f) Transfers made to a spouse, parent, grandparent, child, or grandchild.
(g) Transfers between spouses resulting from a judgment of divorce or ajudgment of separate maintenance or from a property settlement agreementincidental to such a judgment.
(h) Transfers or exchanges to or from any governmental entity.
(i) Transfers made by a person licensed under article 24 of Act No. 299of the Public Acts of 1980, being sections(###) ###-####to(###) ###-####of theMichigan Compiled Laws, of newly constructed residential property thathas not been inhabited.
History: 1993, Act 92, Eff. Jan. 10, 1994.

565.954 Written statement; delivery; time limits; compliance;terminating purchase agreement within certain time limits; expiration of right to terminate.

Sec. 4.

(1) The transferor of any real property described in section 2shall deliver to the transferor's agent or to the prospective transfereeor the transferee's agent the written statement required by this act. Ifthe written statement is delivered to the transferor's agent, the transferor'sagent shall provide a copy to the prospective transferee or his or heragent. A written disclosure statement provided to a transferee'sagent shall be considered to have been provided to the transferee. Thewritten statement shall be delivered to the prospective transferee withinthe following time limits:

(a) In the case of a sale, before the transferor executes a binding purchaseagreement with the prospective transferee.
(b) In the case of transfer by an installment sales contract where a bindingpurchase agreement has not been executed, or in the case of a lease togetherwith an option to purchase or a ground lease coupled with improvementsby the tenant, before the transferor executes the installment sales contractwith the prospective transferee.

(2) With respect to any transfer subject to subsection (1), the transferorshall indicate compliance with this act either on the purchase agreement,the installment sales contract, the lease, or any addendum attached tothe purchase agreement, contract, or lease, or on a separate document.

(3) Except as provided in subsection (4), if any disclosure or amendmentof any disclosure required to be made by this act is delivered after thetransferor executes a binding purchase agreement, the prospective transfereemay terminate the purchase agreement by delivering written notice of terminationto the transferor or the transferor's agent within the following time limits:

(a) Not later than 72 hours after delivery of the disclosure statementto the prospective transferee, if the disclosure statement was deliveredto the prospective transferee in person.
(b) Not later than 120 hours after delivery of the disclosure statementto the prospective transferee, if the disclosure statement was deliveredto the prospective transferee by registered mail.

(4) A transferee's right to terminate the purchase agreement expires uponthe transfer of the subject property by deed or installment sales contract.
History: 1993, Act 92, Eff. Jan. 10, 1994.

565.955 Liability for error, inaccuracy, or omission; delivery as compliancewith requirements of act; conditions.

Sec. 5.

(1) The transferor or his or her agent is not liable for any error,inaccuracy, or omission in any information delivered pursuant to this actif the error, inaccuracy, or omission was not within the personal knowledgeof the transferor, or was based entirely on information provided by publicagencies or provided by other persons specified in subsection (3), andordinary care was exercised in transmitting the information. It is nota violation of this act if the transferor fails to disclose informationthat could be obtained only through inspection or observation of inaccessibleportions of real estate or could be discovered only by a person with expertisein a science or trade beyond the knowledge of the transferor.

(2) The delivery of any information required by this act to be disclosedto a prospective transferee by a public agency or other person specifiedin subsection (3) shall be considered to comply with the requirements ofthis act and relieves the transferor of any further duty under this actwith respect to that item of information, unless the transferor has knowledgeof a known defect or condition that contradicts the information providedby the public agency or the person specified in subsection (3).

(3) The delivery of a report or opinion prepared by a licensed professionalengineer, professional surveyor, geologist, structural pest control operator,contractor, or other expert, dealing with matters within the scope of theprofessional's license or expertise, is sufficient compliance for applicationof the exemption provided by subsection (1) if the information is providedupon the request of the prospective transferee, unless the transferor hasknowledge of a known defect or condition that contradicts the informationcontained in the report or opinion. In responding to a request by a prospectivetransferee, an expert may indicate, in writing, an understanding that theinformation provided will be used in fulfilling the requirements of section7 and, if so, shall indicate the required disclosures, or parts of disclosures,to which the information being furnished applies. In furnishing the statement,the expert is not responsible for any items of information other than thoseexpressly set forth in the statement.
History: 1993, Act 92, Eff. Jan. 10, 1994.

565.956 Disclosures; inaccuracy as result of action, occurrence, oragreement after delivery; unknown or unavailable information; basis.

Sec. 6. If information disclosed in accordance with this act becomes inaccurateas a result of any action, occurrence, or agreement after the deliveryof the required disclosures, the resulting inaccuracy does not constitutea violation of this act. If at the time the disclosures are requiredto be made, an item of information required to be disclosed under thisact is unknown or unavailable to the transferor, the transferor may complywith this act by advising a prospective purchaser of the fact that theinformation is unknown. The information provided to a prospective purchaserpursuant to this act shall be based upon the best information availableand known to the transferor.
History: 1993, Act 92, Eff. Jan. 10, 1994.

565.957 Disclosure; form.

Sec. 7. (1) The disclosures required by this act shall be made on the followingform:
[See USLF form # MI-37014]

565.958 Availability of copies.

Sec. 8. Copies of the form prescribed in section 7 shall be made availableto the public by all real estate brokers and real estate salespersons.
History: 1993, Act 92, Eff. Jan. 10, 1994.

565.959 Additional disclosures.

Sec. 9. A city, township, or county may require disclosures in additionto those disclosures required by section 7, and may require disclosureson a different disclosure form in connection with transactions subjectto this act.
History: 1993, Act 92, Eff. Jan. 10, 1994.

565.960 Disclosure; good faith.

Sec. 10. Each disclosure required by this act shall be made in good faith.For purposes of this act, "good faith" means honesty in fact in the conductof the transaction.
History: 1993, Act 92, Eff. Jan. 10, 1994.

565.961 Other obligations created by law not limited.

Sec. 11. The specification of items for disclosure in this act does notlimit or abridge any obligation for disclosure created by any other provisionof law regarding fraud, misrepresentation, or deceit in transfer transactions.

History: 1993, Act 92, Eff. Jan. 10, 1994.

565.962 Disclosure; amendment.

Sec. 12. Any disclosure made pursuant to this act may be amended in writing by the transferor, but the amendment is subject to section 4.

History: 1993, Act 92, Eff. Jan. 10, 1994.

565.963 Disclosure; manner of delivery.

Sec. 13. Delivery of a disclosure statement required by this act shallbe by personal delivery, facsimile delivery, or by registered mail to theprospective purchaser. Execution of a facsimile counterpart of the disclosurestatement shall be considered to be execution of the original.

History: 1993, Act 92, Eff. Jan. 10, 1994.

565.964 Transfer not invalidated by noncompliance.

Sec. 14. A transfer subject to this act shall not be invalidated solelybecause of the failure of any person to comply with a provision of thisact.

History: 1993, Act 92, Eff. Jan. 10, 1994.

565.965 Liability of agent.

Sec. 15. An agent of a transferor shall not be liable for any violationof this act by a transferor unless any agent knowingly acts in concertwith a transferor to violate this act.

History: 1993, Act 92, Eff. Jan. 10, 1994.

565.966 Effective date.

Sec. 16. This act shall take effect upon the expiration of 180 days afterthe date of its enactment.

History: 1993, Act 92, Eff. Jan. 10, 1994.

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Customer reply replied 1 year ago
Thank you!
Real Estate Lawyer: Ray, Lawyer replied 1 year ago

Any suit for breach of contract is barred after 6 years

Contracts

Breach of contract

—Generally

6 years

(###) ###-####8)

You are so welcome.If you can positive rate 5 stars it is much appreciated.

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