What document outlines the terms and conditions of a real estate sale in Michigan?

The correct response is a Purchase Agreement, as this document specifically details the terms and conditions surrounding the sale of real estate in Michigan. A Purchase Agreement serves as a binding contract between the buyer and seller, outlining crucial elements such as the purchase price, property description, contingencies, closing date, and any other provisions relevant to the transaction. It is essential for ensuring that both parties have a clear understanding of their rights and obligations throughout the sale process.

In contrast, a Sales Contract might seem related, but in the context of Michigan real estate transactions, the term most commonly used is Purchase Agreement. A Real Estate Listing Agreement pertains to the relationship between a seller and their listing agent, defining how the agent will market and sell the property, while a Buyer Representation Agreement outlines the relationship between a buyer and their agent, allowing the agent to represent the buyer's interests but not specifically detailing the terms of a sale. Both the Listing Agreement and Buyer Representation Agreement serve different purposes and do not directly cover the specifics of the sale itself.