{"data":{"id":"us-mi/mich.-comp.-laws-559.183","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 559.183","heading":"Preliminary reservation agreement; use; condominium buyer's handbook; placing payment in escrow; cancellation of agreement; refund; treating payment as if made under purchase agreement.","body":"Sec. 83.\n\nAfter filing a notice under section 71, a preliminary reservation agreement may be used by a developer to reserve a condominium unit for a prospective purchaser. During the time reservations are being accepted, a condominium buyer's handbook shall be available at the condominium project for all prospective purchasers.\n\nUpon receipt of payment under a preliminary reservation agreement, the developer shall place the payment in an escrow account with an escrow agent.\n\nA prospective purchaser who has made a payment under a preliminary reservation agreement may cancel that agreement. The developer shall fully refund within 3 business days after notice of cancellation is received all payments made.\n\nIf a person who has entered into a preliminary reservation agreement subsequently enters into a purchase agreement, the developer shall treat a payment originally made under the preliminary reservation agreement as if made under a purchase agreement pursuant to section 84.","path":["MI Code","Chapter 559","Act Act-59-of-1978"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-559-183","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"101e4111be909532a9a01f2207fe70aa4dc3d64d8420c8399ff0e3c21121aaca","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-559.181a","next":"us-mi/mich.-comp.-laws-559.184"},"notice":"GroundRules: Original legal text. Not legal advice."}