A Mississippi property disclosure statement is an inventory of a property’s condition, defects, and adverse material facts, which must be conveyed to a home buyer before entering into a purchase contract. The statement’s purpose is to provide the buyer a sincere report on unfavorable conditions that may affect their purchase decision, as well as serve as a reference when negotiating the terms of a real estate contract.
A Mississippi property disclosure statement is an inventory of a property’s condition, defects, and adverse material facts, which must be conveyed to a home buyer before entering into a purchase contract. The statement’s purpose is to provide the buyer a sincere report on unfavorable conditions that may affect their purchase decision, as well as serve as a reference when negotiating the terms of a real estate contract.
In cases where the buyer executes a purchase offer before receiving a property disclosure statement, they may withdraw their offer within three (3) days after receiving the statement in person, or within five (5) days if the notice is received via mail.
Laws – § 89-1-503
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