INSTRUCTIONS: MICHIGAN REAL PROPERTY STATEMENT (Form 636 (L-4182AR))

Michigan businesses which purchase real property should submit a statement documenting this transaction. The form 635 (L-4182R) is found on the official website of the state of Michigan and should be completed by the buyer.

Michigan Real Property Statement 636 (L-4182AR) Step 1: In section 1, give your name and address, as well as the address you are mailing this statement to.

Michigan Real Property Statement 636 (L-4182AR) Step 2: Section 2 is for the use of the assessor processing your form. Do not complete this section.

Michigan Real Property Statement 636 (L-4182AR) Step 3: Begin completing section 3 by entering the price of the purchase and the date on which the purchase or sale was completed.

Michigan Real Property Statement 636 (L-4182AR) Step 4: The next question asks you to indicate with a check mark whether the transaction involved a cash purchase, a land contract, a new mortgage, a mortgage assumption, a second mortgage, or a purchase money mortgage of sellers. If none of the above or a combination thereof apply, provide a written explanation.

Michigan Real Property Statement 636 (L-4182AR) Step 5: Specify with a check mark whether the mortgage or contract was conventional, FHA, wraparound or blended rate, MSHDA, VA, variable rate, FmHA, buydown, a land contract, or a purchase money mortgage. Definitions of these terms are provided on the second page.

Michigan Real Property Statement 636 (L-4182AR) Step 6: Provide the size of the down payment, amount of financing, the interest rate of this loan, the monthly payment minus taxes or insurance, the years and months of the amortization terms, the balloon payment due date, and the buydown or points paid by the seller if these are included in the sales price. Provide this information for all secondary financing as well.

Michigan Real Property Statement 636 (L-4182AR) Step 7: If the buyer or seller are relatives or business partners, explain.

Michigan Real Property Statement 636 (L-4182AR) Step 8: Describe the property and give its estimated cash value. Indicate whether you think the sale price represented the actual market value at the time of purchase. If not, explain why.

Michigan Real Property Statement 636 (L-4182AR) Step 9: Indicate whether you purchased the property at public auction. If yes, indicate whether it was auctioned by a governmental agency or as part of bankruptcy proceedings. Sign and date the form.