3. Describe the property. Include the common address and the full legal description of the property. A complete description is essential because it offers the possibility of describing the property permanently. A full description can be found in the author`s office in the district where the accommodation is located. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate specific information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud. The Mississippi Residential Purchase Contract (“Contract for sale and purchase of real estate”) is a contract that describes the price, conditions, rights and obligations of the buyer and seller in a residential real estate transaction. Once the contract is signed, it cannot be terminated unless both parties agree. In completing the agreement, the parties must complete the following sections: The expiry date of the agreement is set in the text. The contract contains detailed information about the seller and buyer of real estate; The description of the property The purchase price and serious money of the contract; How to finance The property, etc. The contract is very detailed since it is signed without the services of a broker.
This document has the force of law and is very useful in the event of a dispute between the parties. 9. Determine whether your state has requirements in a given language in home sales contracts. Check your state`s requirements for a certain language clause or information to be included in the sales contract. PROPERTY CONDITION DISCLOSURE STATEMENT (PCDS) – legal SELLER`S STATEMENT OF EXCUSION FROM COMPLETING THE PCDS – legal INFORMATION Statement for MISSISSIPPI PCds – legal RESIDENT BROKER`S APPLICATION – This application is intended for a Mississippi resident who wishes to apply for a real estate agent`s license. RESIDENT SALESPERSON APPLICATION – Resident Salesperson applications for real estate license. RESIDENTIAL ADDRESS CHANGE FORM – Please inform MREC by filling out this form if you have any changes to your personal data. No charge is required to change your personal information. SALESPERSON TRANSFER APPLICATION – This form is used when a seller switches to another responsible broker. SALESPERSON REACTIVATION FORM – This form is used when a seller reactivates his license.
STUDY GUIDES – Please send this form with your payment for the purchase of study guide materials for real estate exams. SWORN STATEMENT / COMPLAINT FORM – This is the official form for filing a complaint with the MREC. MREC CONTINUING EDUCATION COURSE APPLICATION – This application must be completed and returned to the MREC for the authorization/renewal of continuing education courses. MREC EDUCATION PROVIDER LIST – Current list of real estate pre-licensing providers. MREC INACTIVE STATUS ADDRESS FORM – Used when a licensee places his license in “inactive” status. MREC POST-LICENSING COURSE APPLICATION – Application for training providers applying for admission after licensing.