The Mississippi residential real estate purchase agreement (“contract for the sale and purchase of real estate”) is a contract that outlines the price, terms, rights, and obligations of both the buyer and seller during a residential real estate transaction. Once the agreement has been signed, it may not be terminated unless both parties agree.
Do Sellers in Mississippi Have to Disclose Property Defects?
Mississippi does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Mississippi
Along with any material defects with the property, sellers in Mississippi will also need to provide the following:
- Property Condition Disclosure Form. Mississippi law requires sellers to provide prospective buyers with a detailed account of the property’s condition. If an offer has been made, the buyer will have three (3) days during which they can terminate their offer (five days if the statement is received by mail) after receipt of the document.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
