What’s Inside:
- Real estate agents and their role
- Disclosing a home’s condition
- What goes into real estate contracts
- The closing process
- Always consult a legal professional
Are you considering buying or selling a piece of residential real estate in the state of Mississippi? If so, make sure that you understand the laws that will govern your property transaction.
The Mississippi real estate market is constantly evolving with new laws, rules, restrictions, and regulations. Therefore, it’s important for any homeowner or buyer to stay updated on the Magnolia State’s real estate laws. However, more than understanding the different stages of buying or selling a home, working with licensed professionals such as real estate agents and lawyers will make the process easier for everyone involved.
Here is a brief guide to some of the things you need to know about Mississippi real estate laws. We’ll particularly focus on how these laws apply to home sales.
Real estate agents and their role
When you list your home for sale on the real estate market, your broker serves as your listing or selling agent. This agent must inform you on the progress and on the interest from possible homebuyers. Although you don’t have to hire a real estate agent, having one to guide you at every step is a great advantage. Likewise, a homebuyer should consider working with an agent to represent them.
Disclosing a home’s condition
Mississippi real estate laws dictate that the seller must disclose the condition of the house for sale in order for a prospective buyer to make an informed decision. To comply with such regulations, the home seller must accomplish a property condition disclosure statement form. This form will explain to prospective buyers and their agent the condition of the house for sale.
What goes into real estate contracts
During the closing process, the buyer and the seller agree on the terms and conditions of the transaction through a written contract. This legally binding document is critical and should detail the terms of the sale. The real estate contract should at least contain the following information:
- The purchase price of the home
- How the amount will be paid
- The description of the property (this may include land surveys)
- The terms for paying property taxes, utilities, etc., until the closing date or final payment
- The person or entity responsible for maintaining the home until the transfer
- Items included in the purchase
- Actions that will be taken if the down payment is not fully paid or the buyer’s financing is denied
But what happens if a buyer wants to withdraw their offer to purchase the home? A potential buyer can terminate their contract and withdraw their offer with no penalties, as long as it is done within three days of being given the disclosure statement. If the buyer retracts their offer, it is with no loss to the buyer; the buyer also gets their deposit back.
The closing process
On closing day, the buyer, seller, and their agents execute the necessary documents alongside a real estate attorney. Both parties must review the paperwork and ask questions about the property before signing.
Always consult a legal professional
What we’ve discussed is just the tip of the iceberg that is real estate law. The law is complicated and it can be a lot to take in. But it’s an important part of your real estate transaction.
Although we have years of experience in Mississippi real estate, we remind everyone that buying or selling a home is a complex process with legal consequences. Thus, we recommend seeking the help of a real estate lawyer in addition to hiring an agent.
Whether you’re looking to buy or sell a piece of real estate in Mississippi, a real estate lawyer is an essential part of the process. While lawyers can help with almost any legal issue, some specialize in real estate. Such attorneys will handle all aspects of your real estate transaction, from the time you start looking to the time you close the deal. They’re also available to answer any legal questions you may have about purchasing or selling a home.
Are you looking for a waterfront home for sale in Ocean Springs, Gulfport, or Biloxi, Mississippi? The real estate agents at Owen & Co. offer a range of services for your residential property needs. Whether you need the advice of an attorney or the insights of an appraiser, we are here to help you get in touch with the right professionals. Call the office today at 228.822.9870 or contact us at info(at)owenandco(dotted)com to get started.
