If you`re a real estate investor or a homeowner in Michigan, you`re likely familiar with the importance of a buy sell agreement. This legal document outlines the terms and conditions of a real estate transaction, including the purchase price, contingencies, and the closing date. A buy sell agreement protects both the buyer and the seller by laying out the expectations for the sale and ensuring that everyone is on the same page.

However, drafting a buy sell agreement can be expensive, especially if you hire an attorney to help you. Fortunately, there are a number of free Michigan real estate buy sell agreement templates available online that you can use as a starting point for your own contract.

Before you dive into using a free buy sell agreement template, it`s important to understand the basics of what should be included in your agreement. Here are some key elements to consider:

1. Purchase price: This is the amount that the buyer will pay for the property.

2. Contingencies: These are conditions that must be met by either the buyer or the seller before the sale can be completed. Common contingencies include inspections, financing, and the sale of another property.

3. Closing date: This is the date on which the title to the property will transfer from the seller to the buyer.

4. Earnest money: This is a deposit that the buyer puts down to show their commitment to purchasing the property.

5. Property description: This section should include a legal description of the property, including the address, parcel number, and any other relevant details.

Once you have a solid understanding of what should be included in your buy sell agreement, you can begin searching for a free Michigan real estate buy sell agreement template online. Keep in mind that not all templates are created equal, so it`s important to choose one that fits your specific needs.

When using a free buy sell agreement template, make sure to read through it carefully and make any necessary edits or additions to ensure that it accurately reflects the terms of your transaction. It`s also a good idea to have a real estate attorney review your agreement before you sign it to ensure that it`s legally binding and protects your interests.

In conclusion, a buy sell agreement is an essential document for any Michigan real estate transaction. While it can be expensive to have one drafted by an attorney, there are a number of free templates available online that can help you get started. Just make sure to carefully review and customize your agreement to ensure that it accurately reflects the terms of your sale.