Buying a home is both an exciting experience and for most people, their largest investment. For buyers in Mississippi, it may be useful to understand some basic information about the process and how an attorney can help.
A real estate contract is the written agreement between the buyer and seller. It includes all of the terms and conditions of the sale and is binding.
At a minimum, it should include the home’s purchase price, the payment method, a legal description of the property, information about liens and the title, taxes, the buyer’s possession date and the closing date.
Often, the contract will also include a requirement for the home to pass an inspection.
Property condition disclosure statement
Sellers are also required to provide buyers with a property condition disclosure statement. It is based on the seller’s actual knowledge of the property. It is signed by the seller upon listing the property and at the closing.
It includes information such as whether the home was built in conformity with building codes, if there are foundation or roof issues, and whether the home has ever suffered damage from fire, hail or natural disasters.
If the seller is aware of pending litigation, foreclosure, zoning issues or liens on the property, they must disclose those as well.
The disclosure form also includes a checklist for the sellers to complete about the condition of appliances and other systems that will remain with the home like central air, heating and security systems.
An attorney can help with many aspects of the home buying process, including completing a title search and reviewing the transaction documents.