Property Management
Under Michigan's Truth in Renting Act, residential leases must NOT contain clauses that:
ASpecify the monthly rent amount
BWaive tenants' rights guaranteed by law✓ Correct
CRequire tenants to maintain appliances
DEstablish a security deposit amount
Explanation
Michigan's Truth in Renting Act (MCL 554.631 et seq.
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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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