A real estate purchase agreement is a contract between a Buyer and a Seller of real estate property setting out the various rights and obligations of both the Buyer and Seller.

The person or company acquiring, receiving, and purchasing the property referred to as the “Buyer.” The person or company disposing, conveying, and selling the stock or assets is referred to as “Seller.” A Michigan home purchase agreement includes other documents to be executed and include, but are not limited to, purchase agreement amendments, FHA/VA Amendments, Seller Disclosure Statements, Lead Paint Disclosure Statements, Assignments, claim of liens, and deeds.

Because purchase agreements are contracts, their provisions can be disputed and challenged. Problems with purchase agreements arise when they are drafted poorly and fail to address important concerns at the onset of a contractual or business relationship. This is because a Michigan purchase transaction has many ‘moving parts” and until a closing occurs, there are outside factors that can influence the outcome of a ‘deal’. Even after a closing, legal obligations made as a result of the agreement, survive long afterwards.