Contracts
In Michigan, which party normally pays for the appraisal in a purchase transaction?
AThe seller
BThe buyer✓ Correct
CThe listing broker
DThe title company
Explanation
In a typical Michigan purchase transaction, the buyer pays for the appraisal, which is usually required by their lender before approving the mortgage. The appraisal protects the lender's interest in ensuring the property value supports the loan amount.
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