A purchase agreement is a document that outlines the terms and conditions of the sale and purchase of a certain item. The main parties to this agreement are the seller and the buyer.
The main characteristic of this document is that it doesn’t transfer any legal rights between the parties. However, this document provides all the terms under which the seller will agree to sell, and the buyer will agree to buy a certain item.
Mississippi Purchase and Sale Agreement Form
The Mississippi purchase and sale agreement is a legal document that provides all the details concerning the property transfer between the seller and the buyer.
The parties should use the Mississippi purchase and sale agreement for more complex property transfers, like real estate transfers. Moreover, the parties should use this document when transferring any property with a purchase price of over $500.
The Mississippi purchase agreement is also known as:
Other Names for Mississippi Purchase and Sale Agreement Form
Mississippi sale and purchase agreement
Mississippi purchase and sale agreement
Mississippi sale and purchase contract
Mississippi purchase and sale contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Mississippi.
Purchase Agreement Mississippi Laws & Requirements
There is no specific legislation that dictates the format of the Mississippi purchase agreement. However, if you are involved in a real estate transaction in Mississippi, you must ensure that certain disclosures are included in the purchase agreement.
Purchase Agreement Required Disclosures in Mississippi
Here, you can find the list of disclosures that must be included in the Mississippi purchase agreement:
Lead-Based Paint Disclosure. Every seller is obliged by 42 U.S. Code § 4852d to inform the buyer about the lead-based paint hazard at the property. This is mandatory for all properties built before 1978 and for properties where there is a known lead-based paint hazard.
Property Condition Disclosure Statement (PCDS). Before the transfer of the property title, the seller must provide the property condition disclosure statement to the buyer. The buyer will then review the statement, and if they approve it, the parties can proceed to transfer the title. (§ 89-1-503)
Common Types of Purchase Agreements in Mississippi
This section provides all the types of purchase agreements used in Mississippi.
Variety of Purchase Agreement
Residential real estate purchase agreement. Sellers and buyers can use it to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Parties can use it to sell and purchase office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. This document is used to transfer the ownership of a car, motorcycle, truck, or another kind of motor vehicle. It’s also known as the motor vehicle bill of sale.
Business purchase agreement. Parties use it to provide terms for transferring the company's shares.
Land purchase agreement. Seller and buyer can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Mississippi.
Stock purchase agreement. This type of purchase agreement form is used to sell stocks and shares in companies.
Purchase Agreement in Mississippi FAQ
Yes, the Mississippi purchase agreement becomes legally binding the moment both parties sign it.
Yes, the purchase price is a crucial element of the Mississippi sales agreement, and it, therefore, must be included in the document. Otherwise, the document won’t be effective.
No, the Mississippi purchase and sale agreement itself doesn’t transfer any legal rights, and therefore, there is no need for the document to be signed in front of the notary office.
Yes. However, the only way in which the seller can back out of the Mississippi purchase agreement without consequences is if the buyer fails to meet the contingencies set out in the purchase agreement.