Property Management
Under Michigan's Landlord-Tenant Relationships Act, a landlord must maintain the rental property in a condition fit for use and maintain:
AOnly the exterior of the property
BPlumbing, heating, and electrical systems in good repair✓ Correct
CAll appliances regardless of lease provisions
DOnly common areas in multi-family buildings
Explanation
Michigan's Landlord-Tenant Relationships Act (MCL 554.139) requires landlords to maintain plumbing, heating, electrical systems, and the general habitability of the premises, regardless of lease provisions to the contrary.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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