Contracts to buy and sell real estate in Michigan are documents created by potential buyers to make an offer on land. They must provide the seller with information on how they will be able to pay the proposed offer and down payment. For example, financing by the bank or seller or by the sale of another property. The buyer sets a deadline for his offer to be accepted or successfully negotiated. The contract is not legally binding until both parties have signed it. Seller Disclosure Statement (s. 565.957) – The seller must provide the buyer with a full presentation of the current condition of the property. In addition, the buyer should have the property checked professionally. Lead-based colour opening – If the home sold was built before 1978, the seller must notify the buyer if there has been toxic lead paint on the site.