Mississippi Real Estate Contract: Different Types and Key Terms to Include
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- Avg cost to draft a Real Estate Purchase Agreement: $860.00
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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.
Frequently Asked Questions
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Meet some of our Mississippi Real Estate Contract Lawyers
Alan B.
At Barker Law, we provide clients with superior service in trust, probate, and estate matters and litigation, contract drafting and review, outside general counsel services, negotiation, commercial litigation, and regulatory navigation. We confidently handle transactional and regulatory matters for businesses and individuals. As our feedback shows, we excel at meeting and exceeding our clients needs.
July 24, 2023
Tameko P.
Greene Litigation Group, PLLC., specializes in Personal Injury, Criminal Defense, Contract Dispute, Wills & POAs, Irreconcilable Differences Divorce, Business Formation, Contract Drafting, and Landlord Tenant Law
April 2, 2024
William B.
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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George L.
I am a corporate attorney with offices in Rock Hill, SC, and Lavonia, GA. My practice is focused on contracts, tax, and asset protection planning. I act as a fractional outside general counsel to over 20 businesses in 6 countries. When not practicing law, I can usually be found training my bird dogs.
"Appreciated his insight into contract matters for our start up!"
Max N.
Oklahoma attorney focused on real estate transactions, quiet title lawsuits, estate planning, probates, business formations, and all contract matters.
"I am so impressed with Max's work ethic, communication, and thoroughness. This is a five-start customer service experience and I look forward to continuing working with him as I grow my out of state investments in the state of Oklahoma (currently based in FL)"
John C.
Licensed to practice law in the states of Missouri and Kansas. Have been licensed to practice law for 44 years. Have been AV rated by Martindale Hubbel for almost 30 years.
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Michael S.
Real estate and corporate attorney with over 30 years of experience in large and small firms and in house.
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
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.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
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
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
New York
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.
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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Location: California
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