The Mississippi purchase agreement establishes the terms of a residential real estate transaction. A prospective buyer can use this form to submit an offer for the seller to accept or counter. The document must include the prospective purchase price, loan details, and amount of the earnest money payment.
The seller must present all necessary disclosures to the buyer before entering into the agreement. If both parties consent to its terms, they may sign the document to secure a legal sales contract.
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