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. However, it does not supply any warranty on the property or substitute a professional home inspection. 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
Purchase Agreement – This legal document allows a buyer to negotiate the terms of a real estate transactions terms and secure a property title.