Mississippi Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

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:

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:

  1. A valid offer by the buyer
  2. Acceptance of the offer by the seller
  3. Consideration (the exchange of items of value)
  4. 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.

Frequently Asked Questions

How do I hire a lawyer to draft a real estate contract in Mississippi?

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William B.

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Presently, I am a civil rights and insurance litigation attorney with a focus on representation government entities. Prior to this, I’ve represented some of the largest financial institutions in the world in litigation.

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"Lori was very professional, responsive, and thorough throughout the process. She prepared a detailed agreement tailored to a somewhat complex transaction. Communication was clear and efficient, and we appreciated her attention to detail. I would definity recommend her."

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"Ryenne was fantastic and answered all of our questions and provided clarity for us in negotiating a purchase agreement!"

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Asked on Dec 26, 2021

Can you purchase or refinance under a land contract?

I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

Jane C.

Answered Jan 11, 2022

I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

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Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas

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Asked on Mar 27, 2022

what is better to buy land or rent for construction in US?

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Answered Apr 5, 2022

I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.

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