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.
Required Seller Disclosures in Mississippi
Residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition. Many states legally require sellers to disclose specific information concerning a property’s condition. In states where this is required and a seller willfully hides such information, they can be sued for fraud.
In Mississippi, sellers are required to complete a real estate purchase agreement the following report in order for the sale to be considered legally binding:
Seller’s Property Disclosure Statement. 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. (§ 89-1-503)