What is a Mississippi Real Estate Contract?
A Mississippi real estate contract is an agreement made between a buyer and a seller for the purchase of real estate. The contract outlines the terms and conditions of the transaction and protects the interests of both parties.
A real estate contract will include essential information like:
- Purchase price
- Closing date
- Earnest money deposit
- Conditions to be met by both parties
- Property address and legal description
- Property defects or issues
To be legally binding and enforceable in Mississippi, a real estate contract must be in writing and signed by all parties involved in the transaction.
Common Mississippi Real Estate Contracts
The most common type of real estate contract is a purchase agreement for residential property. Other common contracts include:
- Commercial real estate contract . Used when buying or selling property zoned for operating a business like an office building.
- Contracts for deed. A contract where the buyer makes installment payments to the seller, with the transfer of ownership of the property occurring after the final payment is made.
- Lease agreements. Used by a property owner to rent out their space to a tenant for use.
4 Essential Elements of a Mississippi Real Estate Contract
All real estate contracts in Mississippi must adhere to the Mississippi code governing contracts. The 4 essential elements that every real estate contract must include are:
- A valid offer by the buyer
- Acceptance of the offer by the seller
- Consideration (the exchange of items of value)
- The intention of both parties to enter the contract
What Does it Mean to Have a Contract on a Property in Mississippi?
Having a contract on a property in Mississippi means that a buyer and a seller have agreed on the terms and conditions for the purchase and sale of the property, and have signed a legally binding real estate contract.