What is the purpose of the Michigan "Seller's Disclosure Act"?

The Michigan "Seller's Disclosure Act" is primarily focused on requiring sellers to provide specific information about the condition of a property. This act serves to protect buyers by ensuring that they receive full disclosure regarding any known defects or deficiencies associated with the property. By mandating that sellers complete a disclosure statement that outlines various aspects of the property's condition, including structural, mechanical, and environmental issues, the law aims to promote transparency in real estate transactions.

This requirement is significant because it allows potential buyers to make informed decisions based on the disclosed information. Knowing about any existing issues before purchasing helps buyers avoid unexpected repairs or costs after the sale. In essence, this act enhances the overall fairness of real estate transactions by holding sellers accountable for informing buyers about the true state of the property.

In contrast, other options focus on different aspects of real estate that are not the primary focus of the Seller's Disclosure Act. While commission regulation, compliance with local laws, and assisting buyers with financing are important elements in the real estate process, they fall outside the specific intent of the Seller's Disclosure Act, which is centered on the disclosure of property conditions.