Michigan residential purchase and sale agreement is a legal contract between a buyer and a seller for the sale of real estate. It includes all terms and contingencies. The buyer usually provides an earnest money deposit at the time of purchase.
Notary – a public officer who can witness the signatures of the buyer and seller.
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When does a purchase agreement become legally binding?
The purchase and sale agreement becomes legally binding when both parties sign the contract and the buyer gets the notice that the seller has accepted the deal. The buyer can get the notice in-person, by phone, and/or email.