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Seller's Disclosure Act of 1993
Instructor: John Henderson JT@grar.com
0:18 Minutes
Module 1 Lesson 4 – Additional rules regarding the Seller Disclosure
Sellers: A seller must act in good faith, to be honest. Sellers have the right to amend their disclosure in writing.
Agents: A seller’s agent is not be liable for any violation of this act by a seller unless the agent knowingly acts in concert with a seller to violate this act. Also, copies of the Seller Disclosure form must be made available to the public.
Municipalities: A city, township, or county may require additional disclosures beyond the Seller Disclosure form in connection with a transaction.
General: A transfer/transaction shall not be invalidated solely because of the failure of any person to comply with the Seller Disclosure Act.
565.958 Availability of copies.
Sec. 8.
Copies of the form prescribed in section 7 shall be made available to the public by all real estate brokers and real estate salespersons.
565.959 Additional disclosures.
Sec. 9.
A city, township, or county may require disclosures in addition to those disclosures required by section 7, and may require disclosures on a different disclosure form in connection with transactions subject to this act.
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 conduct of the transaction.
565.961 Other obligations created by law not limited.
Sec. 11.
The specification of items for disclosure in this act does not limit or abridge any obligation for disclosure created by any other provision of law regarding fraud, misrepresentation, or deceit in transfer transactions.
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.
565.963 Disclosure; manner of delivery.
Sec. 13.
Delivery of a disclosure statement required by this act shall be by personal delivery, facsimile delivery, or by registered mail to the prospective purchaser. Execution of a facsimile counterpart of the disclosure statement shall be considered to be execution of the original.
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.
565.965 Liability of agent.
Sec. 15.
An agent of a transferor shall not be liable for any violation of this act by a transferor unless any agent knowingly acts in concert with a transferor to violate this act.
565.966 Effective date.
Sec. 16.
This act shall take effect upon the expiration of 180 days after the date of its enactment.