A Mississippi residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Do Sellers in Mississippi Have To Disclose Property Defects?
Mississippi does require real estate sellers to disclose any material defects with a property. In most cases, this is through a standardized Property Condition Disclosure Statement provided by statute.
The basic duty to disclose cannot be waived under any circumstances, unless the sale falls under a recognized legal exemption. Mississippi exempts the following common transfers, among others, from the disclosure form requirement:
- Court-ordered sales and transfers
- Sales by foreclosure or other debt default
- Transfer as part of the execution of a will or estate
- Transfer to a spouse, parent, or child
- Transfers to or from a government entity
Required Seller Disclosures in Mississippi
Mississippi sellers of residential real estate must make the following disclosures, as appropriate, to meet legal requirements for a real estate purchase agreement:
- Property Condition Disclosure Form: Discloses material defects with a property that are known to the seller at the time of sale, and details any potential issues and conditions that may affect the value of the property.
- Lead-Based Paint Disclosure: Any home constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
Sources
- 1 Miss. Code § 89-1-501(2)
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There are specifically excluded from the provisions of Sections 89-1-501 through 89-1-523:
(a) Transfers pursuant to court order, including, but not limited to, transfers ordered by a probate court in administration of an estate, transfers pursuant to a writ of execution, transfers by any foreclosure sale, transfers by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance.
(b) Transfers to a mortgagee by a mortgagor or successor in interest who is in default, transfers to a beneficiary of a deed of trust by a trustor or successor in interest who is in default, transfers by any foreclosure sale after default, in an obligation secured by a mortgage, transfers by a sale under a power of sale or any foreclosure sale under a decree of foreclosure after default in an obligation secured by a deed of trust or secured by any other instrument containing a power of sale, or transfers by a mortgagee or a beneficiary under a deed of trust who has acquired the real property at a sale conducted pursuant to a power of sale under a mortgage or deed of trust or a sale pursuant to a decree of foreclosure or has acquired the real property by a deed in lieu of foreclosure.
(c) Transfers by a fiduciary in the course of the administration of a decedent’s estate, guardianship, conservatorship or trust.
(d) Transfers from one co-owner to one or more other co-owners.
(e) Transfers made to a spouse, or to a person or persons in the lineal line of consanguinity of one or more of the transferors.
(f) Transfers between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement incidental to such a decree.
(g) Transfers or exchanges to or from any governmental entity.
(h) Transfers of real property on which no dwelling is located.
(i) The provisions of Section 89-1-527.
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