When does a buyer's right of rescission apply in Michigan?

The buyer's right of rescission in Michigan specifically applies when a property is purchased from a builder or in the case of a distressed property. This right is designed to protect buyers in transactions where they may have less information or negotiating power, such as new builds or properties that are being sold under special circumstances, like foreclosures. This legislation acknowledges that buyers might need a safety net due to the unique risks associated with these types of properties, providing them an opportunity to reassess their decision.

In other contexts, such as before a closing or simply changing their mind, there may not be the same legal provisions for rescission. The provisions around rescission can be quite limited outside the specific conditions set by the law, emphasizing the importance of understanding the nuances of real estate transactions in Michigan.