Outline
The Michigan Sales form is an essential document used in real estate transactions within the state. It facilitates the appointment of an agent who can act on behalf of the seller, ensuring that the sale process runs smoothly. This form includes sections for personal details such as names, addresses, and contact information for both the seller and the appointed attorney-in-fact. The primary purpose of the form is to grant the attorney-in-fact the authority to execute necessary documents related to the sale of the property, which can include deeds, contracts, and settlement statements. Additionally, the form allows the agent to collect any proceeds from the sale, providing them with comprehensive power to manage the transaction effectively. It also outlines the legal description of the property being sold, ensuring clarity and specificity. Notably, the form requires signatures from the seller and witnesses, as well as notarization, to validate the authority granted. This process helps protect all parties involved by ensuring that the agent's actions are legally recognized and binding until any revocation is officially recorded.
Sample - Michigan Sales Form
Prepared by, recording requested by and return to:
Name:
Company:
Address:
City:
State:Zip:
Phone:
Fax:
SPECIAL POWER OF ATTORNEY
FOR CLOSING REAL ESTATE TRANSACTION
(Agent for Seller)
STATE OF MICHIGAN
COUNTY OF ____________
KNOW ALL MEN BY THESE PRESENT, THAT I ________________________,
whose address is ___________________________________, _______________ (City),
__________________ (State), ________ (Zip), desiring to execute a SPECIAL POWER
OF ATTORNEY, hereby appoint, ______________________________, of
____________________ County, Michigan, as my
GRANTING unto my
To do all things necessary to close on the sale of the property described below, commonly known as
____________________________________________ (address), with full power
and authority for me and in my name to execute any and all documents necessary to effect the sale, conveyance and settlement on said property to any person or persons of his choosing, including but not limited to, deeds, checks, receipts, releases, warranties, affidavits, contracts, addenda, settlement statements, loan commitments and disclosure statements,
The legal description of the property is as follows,
[INSERT DESCRIPTION OR ATTACH EXHIBIT]
I hereby ratify and confirm all that said
All acts done by means of this power shall be done in my name, and all instruments and documents executed by my Attorney hereunder shall contain my name, followed by that of my attorney and the description
DATED this the ________ day of ___________________, 20____.
________________________________
Signature
Print Name: ______________________
_______________________________
Witness
Print Name: _____________________
_______________________________
Witness
Print Name: _____________________
STATE OF MICHIGAN
COUNTY OF _________________
The foregoing instrument was acknowledged before me this
_____________________ (date) by
___________________________________________ (name of person acknowledged).
_____________________________
Notary Public
Printed Name: _________________
My Commission Expires:
____________________
Principal Name and Address |
|||
Name: |
|
Name: |
|
|
|
|
|
Address: |
|
Address: |
|
|
|
|
|
City: |
|
City: |
|
|
|
|
|
State: |
Zip: |
State: |
Zip: |
|
|
|
|
Phone: |
|
Phone: |
|
|
|
|
|
|
|
|
|
Witness Name and Address |
Witness Name and Address |
|
|
Name: |
|
Name: |
|
|
|
|
|
Address: |
|
Address: |
|
|
|
|
|
City: |
|
City: |
|
|
|
|
|
State: |
Zip: |
State: |
Zip: |
|
|
|
|
Phone: |
|
Phone: |
|
|
|
|
|
Form Information
| Fact Name | Details |
|---|---|
| Purpose | The Michigan Sales form serves as a Special Power of Attorney for closing real estate transactions, allowing an appointed agent to act on behalf of the seller. |
| Governing Law | This form is governed by the Michigan Compiled Laws, specifically under the Michigan Power of Attorney Act (MCL 700.5501 et seq.). |
| Required Information | Essential details include the names, addresses, and contact information of the principal and attorney-in-fact, as well as the property description. |
| Execution Validity | The power of attorney remains valid until a revocation is recorded in the county recorder's office where the property is located. |
| Notarization | The form requires notarization to ensure the authenticity of the signatures and the acknowledgment of the principal's identity. |
Detailed Guide for Filling Out Michigan Sales
Filling out the Michigan Sales form requires careful attention to detail. Each section must be completed accurately to ensure the document serves its intended purpose. Follow these steps to complete the form correctly.
- Prepare Your Information: Gather all necessary personal information, including your name, address, and contact details.
- Fill in the Prepared By Section: Write your name, company (if applicable), address, city, state, zip code, phone number, and fax number in the designated area.
- Identify the County: In the section labeled "STATE OF MICHIGAN COUNTY OF ____________", fill in the county where the property is located.
- Complete Your Information: Write your full name and address, including city, state, and zip code in the respective fields.
- Appoint Your Attorney-in-Fact: Enter the name of the person you are appointing as your Attorney-in-Fact and their county of residence in Michigan.
- Describe the Property: Clearly describe the property you are selling, including the address and any relevant details.
- Legal Description: Provide the legal description of the property. You may attach an exhibit if necessary.
- Signature: Sign the document in the designated area and print your name below your signature.
- Witness Information: Have two witnesses sign the document. They should also print their names below their signatures.
- Notary Section: Leave the notary section blank for the notary public to complete. Ensure the notary public acknowledges your signature.
Once you have filled out the form completely, review it for accuracy before submitting it. Ensure all required signatures are present and that any attached exhibits are included. Proper completion of the form is essential for a smooth transaction process.
Obtain Answers on Michigan Sales
-
What is the Michigan Sales form?
The Michigan Sales form is a legal document used to appoint an Attorney-in-Fact for closing real estate transactions in Michigan. This form grants the appointed individual the authority to handle various aspects of the sale, including signing documents and receiving funds on behalf of the seller.
-
Who needs to use this form?
This form is typically used by individuals selling real estate in Michigan who may not be able to attend the closing in person. It allows them to designate someone else to act on their behalf, ensuring that the sale can proceed smoothly.
-
What information is required to complete the form?
To complete the Michigan Sales form, you will need to provide:
- Your name and address.
- The name and address of the Attorney-in-Fact.
- The legal description of the property being sold.
- Signature and printed name of the seller.
- Witness names and addresses.
- Notary information for acknowledgment.
-
How long is the Michigan Sales form valid?
The form remains valid until a revocation is recorded in the recorder's office of the county where the property is located. This means that the powers granted to the Attorney-in-Fact can be relied upon by third parties until the seller takes formal steps to revoke them.
-
Can I revoke the power of attorney once it is granted?
Yes, you can revoke the power of attorney at any time. However, to ensure that third parties are aware of the revocation, it must be formally recorded in the appropriate county office. Until that happens, the Attorney-in-Fact retains the authority granted by the form.
-
What should I do if I have questions about filling out the form?
If you have questions about completing the Michigan Sales form, consider consulting a legal professional. They can provide guidance specific to your situation and ensure that the form is filled out correctly.
Common mistakes
Filling out the Michigan Sales form can be straightforward, but mistakes can lead to complications. One common error is failing to provide complete information in the "Prepared by, recording requested by and return to" section. All fields, including name, company, address, city, state, and zip code, should be filled out accurately. Incomplete information may delay processing or cause the form to be rejected.
Another mistake is neglecting to include the legal description of the property. This section is crucial, as it identifies the property involved in the transaction. Omitting this information can lead to confusion or disputes about which property the power of attorney pertains to.
Many individuals also forget to sign the form. The signature of the principal is essential for the document to be valid. Without it, the power of attorney cannot be enforced. Additionally, some may overlook the requirement for witnesses. Two witnesses must sign the form, and their information should be clearly printed to ensure compliance with legal standards.
Another frequent error is not having the document notarized. The acknowledgment by a notary public is necessary to validate the power of attorney. Failing to include this step can result in the document being deemed invalid by third parties.
People sometimes misinterpret the authority granted to the Attorney-in-Fact. It is important to understand that the powers given are broad and should be clearly stated. If the language is vague or unclear, it may lead to issues in executing the powers intended.
Additionally, individuals may forget to include their contact information. Providing a phone number and email address can facilitate communication should any questions arise during the transaction process. This oversight can lead to delays if the involved parties cannot reach one another.
Some may also neglect to check for local practices that differ from the procedures outlined in the form. If local customs vary, it is important to follow those to ensure compliance. Ignoring this can create unnecessary complications.
Lastly, failing to keep a copy of the completed form for personal records can be a mistake. Having a copy ensures that all parties involved have access to the information and can refer back to it if needed. This practice can prevent misunderstandings or disputes later on.
Documents used along the form
When engaging in real estate transactions in Michigan, several forms and documents may accompany the Michigan Sales form. Each of these documents serves a specific purpose in facilitating the sale and ensuring that all parties involved are protected and informed. Below is a list of commonly used documents in conjunction with the Michigan Sales form.
- Purchase Agreement: This document outlines the terms and conditions of the sale, including the purchase price, financing details, and contingencies. It serves as a binding contract between the buyer and seller.
- Disclosure Statement: Sellers are required to provide this document, which informs buyers about the condition of the property, including any known defects or issues. This helps buyers make informed decisions.
- Lead-Based Paint Disclosure: For properties built before 1978, this form is necessary to inform buyers of potential lead-based paint hazards. It ensures compliance with federal regulations aimed at protecting public health.
- Title Commitment: This document is issued by a title company and outlines the current status of the property’s title. It identifies any liens, encumbrances, or other issues that may affect ownership.
- Closing Statement: Also known as a settlement statement, this document summarizes the financial aspects of the transaction, including costs, fees, and the final amount due at closing. It provides transparency for both parties.
- Property Deed: This legal document transfers ownership of the property from the seller to the buyer. It must be recorded with the county to ensure that the new ownership is officially recognized.
- Affidavit of Title: This sworn statement by the seller confirms their ownership of the property and discloses any claims or legal issues that may exist. It helps protect the buyer from future disputes regarding ownership.
Understanding these documents can help streamline the real estate transaction process. Each form plays a crucial role in protecting the interests of both buyers and sellers, ensuring that all legal requirements are met throughout the sale.
Similar forms
- Power of Attorney Form: Similar to the Michigan Sales form, a Power of Attorney form allows one person to authorize another to act on their behalf in legal matters. Both documents grant authority to make decisions regarding property transactions.
- Real Estate Purchase Agreement: This document outlines the terms of a property sale. Like the Michigan Sales form, it includes details about the property and the parties involved, ensuring clarity in the transaction.
- Closing Statement: A Closing Statement summarizes the financial aspects of a real estate transaction. It shares similarities with the Michigan Sales form by detailing the costs and payments involved in the sale.
- Deed: A deed transfers ownership of property from one party to another. Both the deed and the Michigan Sales form are essential in finalizing property transactions.
- Affidavit of Title: This document confirms the seller's legal ownership of the property. It aligns with the Michigan Sales form in its role of assuring buyers of the seller's rights to sell the property.
- Settlement Statement: Also known as a HUD-1, this document provides a detailed account of the closing costs. It is similar to the Michigan Sales form in that it outlines the financial obligations of the buyer and seller.
- Disclosure Statement: This document informs buyers of any known issues with the property. Like the Michigan Sales form, it protects the interests of all parties by ensuring transparency during the transaction.
- Loan Commitment Letter: This letter from a lender confirms that a buyer has been approved for a mortgage. It is related to the Michigan Sales form as both are crucial for securing financing in a property sale.
- Title Insurance Policy: This document protects against potential defects in property title. Similar to the Michigan Sales form, it ensures that buyers are safeguarded from unforeseen issues after the sale.
- Lease Agreement: While primarily used for renting, a lease agreement can also outline terms for purchasing property. It shares common ground with the Michigan Sales form in defining the rights and responsibilities of the parties involved.
Dos and Don'ts
When filling out the Michigan Sales form, attention to detail is crucial. Here are some important do's and don'ts to consider:
- Do ensure all required fields are completed accurately.
- Do double-check the legal description of the property for correctness.
- Don't leave any sections blank; incomplete forms can lead to delays.
- Don't use abbreviations or informal language in the address fields.
Misconceptions
Misconceptions about the Michigan Sales form can lead to confusion during real estate transactions. Here are six common misconceptions:
- It is only for real estate transactions. Many believe the Michigan Sales form is limited to real estate. In fact, it can also be used for various types of transactions requiring a power of attorney.
- Only licensed attorneys can prepare this form. While attorneys can assist, anyone can prepare the Michigan Sales form as long as they understand its requirements and implications.
- The form must be notarized to be valid. Notarization is not strictly required for the form to be valid. However, having it notarized can help prevent disputes about authenticity.
- Once signed, the power of attorney cannot be revoked. This is incorrect. The principal can revoke the power of attorney at any time, provided they follow the proper procedures for revocation.
- The form is permanent and does not expire. The power of attorney remains effective until revoked or until a specified expiration date is reached, if one is included.
- All parties involved must sign the form. Only the principal and the attorney-in-fact need to sign the Michigan Sales form. Witness signatures are optional but recommended for added validity.
Key takeaways
When filling out and using the Michigan Sales form, consider these key takeaways:
- Complete Identification: Ensure that all parties involved, including the seller and attorney-in-fact, provide their full names, addresses, and contact information.
- Property Description: Clearly describe the property being sold. Include the address and any legal descriptions necessary to identify the property accurately.
- Authority Granted: The form grants the attorney-in-fact extensive powers to act on behalf of the seller. Be aware of the scope of authority being granted, including the ability to execute various documents related to the sale.
- Witness Requirement: Two witnesses must sign the document. Their names and addresses should be clearly printed to validate the form.
- Notarization: The document must be acknowledged by a notary public. This adds a layer of legitimacy and is often required for the form to be legally binding.
- Revocation Process: Understand that the power of attorney remains valid until a revocation is recorded. If you need to revoke it, follow the proper procedures to ensure that third parties are aware.