Real Estate in Mississippi

Buying or selling a home anywhere in Mississippi is much like buying or selling a home anywhere else in the country. However, every state is at least a little bit different in some aspects of the real estate process. So, before beginning your hunt for a new home in the State of Mississippi or before choosing a real estate agency with which to list your home for sale, make sure you understand the specifics of real estate law for the state.

Mississippi Real Estate Commission

The Mississippi Real Estate Commission (MREC) is an organization that works to keep control over the real estate industry throughout the State of Mississippi. All real estate agents and brokers are licensed through the MREC—after undergoing complete testing and fulfilling education requirements. Consumers are protected through the MREC because there are regulations in place to ensure that all licensed members complete real estate transactions professionally and ethically. The MREC investigates any reports of rule violations or reports of unethical practices.

Mississippi Appraisal Board

This organization was formed in 1990 to regulate state real estate appraisers according to the requirements of the law that was passed in 1989—the Financial Institutions Reform, Recovery and Enforcement Act of 1989 by the Federal Government (Title XI). The Mississippi Appraisal Board works to help consumers choose competent real estate appraisers when evaluating homes.

Mississippi Home Inspector Board

An important element of any real estate transaction is having the home inspected by a qualified professional. The Mississippi Home Inspector Board is part of the American Society of Home Inspectors (ASHI). The society promotes professional inspection services to the public by private, paid inspectors.

Property Disclosure Statement for Real Estate Sales

The seller of a piece of real estate must complete a property condition disclosure statement form. This form explains all of the conditions of the property to the prospective buyer and must be filled out to the best of the seller's knowledge.

If the disclosure statement is delivered to the potential buyer after he has made an offer on the property, the potential buyer can terminate his contract and withdraw his offer with no penalties as long as he does so within three days of being given the statement (or within five days, if the statement was delivered by mail). If the prospective buyer does choose to remove his offer, it is done with no loss to the buyer and he will get his deposit or earnest money returned to him.

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