The Mississippi purchase agreement is a formal contract that is put into effect when 2 parties engage in the sale of residential real estate. When an individual is interested in acquiring a home that is on the market, they will utilize the purchase agreement to submit an offer to the seller. The agreement should contain the buyer’s proposed purchase price, loan specifics, and amount of the earnest money payment. It is ultimately up to the seller as to whether or not they approve of the contractual stipulations or would like to offer a counter-proposal adding the provisions they wish to include. If both parties can reach a compromise, they may conclude the transaction by fulfilling the signature portion of the form. (Note: All necessary seller disclosures must be presented to the buyer prior to entering into an agreement.)
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – Homes built before 1978 require the seller to disclose any known details regarding lead paint that may be contained within the structure.
Property Condition Disclosure Statement (PCDS) (§ 89-1-503) – Prior to the transfer of the property’s title, the seller/transferor must complete a statement that records the condition of the home and all of its mechanical equipment (noting any material defects). Once fulfilled, a copy of the document must be distributed to the buyer for review. (The MREC also provides an informational statement for the disclosure which works as a confirmation of understanding between the parties involved.)
Mississippi Realtors – Adobe PDF