Official Wayne County, Michigan Buy-Sell Agreement Form | Step-by-Step Guide

Free county-specific template for Wayne County residents (Pop. 1,793,561)

Sales Tax: 6%Notary: $10Witnesses: 1

Wayne County Information

Under Michigan jurisdiction, this form meets all statutory requirements and provides comprehensive legal protection for your transaction.

Michigan law (Michigan State Code) governs this Buy-Sell Agreement. Key financial considerations include a 6% sales tax rate and notary fees of $10. The document requires 1 witness and remains valid indefinite.

Ensure your transaction is legally sound in Michigan with this expertly crafted, state-compliant template.

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BUY-SELL AGREEMENT
State of Michigan

This Buy-Sell Agreement is entered into on [DATE] between:

BUSINESS: [BUSINESS NAME]
Type: [  ] Corporation [  ] LLC [  ] Partnership
State: Michigan (MI)

OWNERS:
Owner 1: [NAME] — Ownership: [PERCENTAGE]%
Owner 2: [NAME] — Ownership: [PERCENTAGE]%

1. TRIGGERING EVENTS:
   [  ] Death of an owner
   [  ] Disability of an owner
   [  ] Retirement
   [  ] Voluntary withdrawal
   [  ] Divorce
   [  ] Bankruptcy

2. VALUATION METHOD:
   [  ] Fixed price: $[AMOUNT] (reviewed annually)
   [  ] Formula-based: [DESCRIBE]
   [  ] Independent appraisal

3. PAYMENT TERMS:
   [  ] Lump sum within [DAYS] days
   [  ] Installments over [MONTHS] months at [RATE]% interest

4. FUNDING:
   [  ] Life insurance
   [  ] Company reserves
   [  ] Promissory note

5. RIGHT OF FIRST REFUSAL: Remaining owners have [DAYS] days to match any outside offer.

This agreement is governed by Michigan law (MI Statutes).

OWNER 1: _____________________ DATE: _____
OWNER 2: _____________________ DATE: _____

Michigan Buy-Sell Agreement Requirements

Review the following requirements to ensure your Buy-Sell Agreement is legally valid in Michigan.

Notarization required

1 witness must sign

Vehicle identification number (VIN) required

Odometer disclosure mandatory

Buyer and seller signatures required

Purchase price must be stated

Date of sale required

Blue or black ink only

Electronic signatures accepted

County clerk filing required

Michigan Notarization

While notarization may not be required in Michigan, it is recommended. Fees range from $10.

Before You Sign

Review all information carefully. In Michigan, a 6% sales tax may apply.

Legal Protection

Keep copies of all signed documents. Michigan law requires all parties to receive copies of executed documents.

Michigan Filing Deadlines

Check Michigan deadlines for filing or recording this document with the appropriate county clerk's office.

Buy-Sell Agreement Costs in Michigan

Estimated fees and processing times

Fee Type	Cost	Notes
Notary Fee	$5-$15 (if required)	Michigan standard rate: $10
Filing Fee	Varies by state	State registration (if applicable)
Processing Time	1-3 business days	Typical turnaround in Michigan
Sales Tax	6%	Michigan base rate (local taxes may apply)
Witness Requirement	1 witness	Single witness sufficient
Our Template	FREE	Download instantly, no cost

Fees shown are Michigan-specific estimates. Contact your local office for exact pricing.

Filing Your Buy-Sell Agreement in Wayne County

Residents of Wayne County (1,793,561 population) can use this template for plan for ownership transfer in a business. This document complies with Michigan state law.

County Filing Steps

Download and complete the Buy-Sell Agreement template
Gather 1 witness as required by Michigan law
Visit the Wayne County Clerk's Office for filing
Pay applicable county filing fees
Keep copies for all parties involved

FAQ: Buy-Sell Agreement in Wayne County, Michigan

Is a Buy-Sell Agreement required in Michigan?

Yes, in Michigan, a Buy-Sell Agreement is required for most transactions of this type. Under Michigan State Code, the document must include all parties' information, be signed, and witnessed by at least one individual. Failure to use a proper Buy-Sell Agreement may result in legal complications.

Does a Buy-Sell Agreement need to be notarized in Michigan?

Notarization requirements in Michigan (MI) vary by transaction type. Notary fees in the state typically range from $10. While not always mandatory, notarization adds an extra layer of legal protection and is recommended for high-value transactions.

What are the tax implications of a Buy-Sell Agreement in Michigan?

Michigan has a base sales tax rate of 6%. Depending on the type of transaction documented in your Buy-Sell Agreement, additional local taxes may apply. Consult with a Michigan tax professional for specific guidance on your situation.

Where do I file a Buy-Sell Agreement in Wayne County?

In Wayne County, you can file your Buy-Sell Agreement at the Wayne County Clerk's Office. Contact them for specific filing requirements, hours, and fees. Population served: 1,793,561 residents.

MCE

Reviewed & Fact-Checked

Michael Chen, Esq.

Real Estate Law Consultant

Bar Certified, Real Estate Expert

Expert in property transactions and real estate documentation

This Buy-Sell Agreement template for Michigan has been reviewed for accuracy and legal compliance.

Last reviewed: March 2026

Other Counties in Michigan

Other Forms in Wayne County

Location Information

County: Wayne County
State: Michigan (MI)
Population: 1,793,561
Document: Buy-Sell Agreement
Sales Tax: 6%
Notary Fee: $10

Michigan Legal Requirements

Governing Statute:

State Law

✓Consult with a licensed attorney for specific requirements

View All Michigan Templates

Legal Disclaimer

This template is for informational purposes only. County-specific ordinances in Wayne County may apply. For legal advice, consult a licensed attorney in Michigan.