Sellers are often required to list out all the physical aspects of their property to prospective home buyers. This increases clarity and facilitates a better sale. That is exactly where a seller disclosure statement comes into the picture.
Sometimes, to make a quick home sale, sellers tend to disguise the defects in the house. However, if the buyer finds material defects later, the seller may face legal consequences. To avoid these, our guide will take you through seller disclosure Mississippi.
» How To Sell My House Mississippi: Know the process to sell your home in Mississippi.
What are Seller Disclosures?
The Seller Disclosure form is a standard checklist form containing material defects and features of the property. It specifically provides information about the property that may negatively affect the value of the house.
If there are material defects in a property that may impact the value of the property and the seller is aware of them, then the seller must disclose them. However, sellers should report these defects to the best of their knowledge and understanding.
The aim of Seller Disclosure is to maintain transparency in the real – estate transaction to keep the buyer aware of any defects present in the house.
» How Do I Sell My House As Is Mississippi: Here is Houzeo’s guide on how to sell your home as-is in Mississippi.
Importance of Seller Disclosures
Seller’s disclosures serve the following purpose in real estate transactions:
|🔎||Give Complete Information About The Property||Disclosures help communicate the defects present on the property. They ensure that all the stakeholders involved in the transaction are well aware of the property's history.|
|⚖️||Protects Sellers Against Legal Liabilities||Once you disclose all the known defects present in the house or which come to light during the inspection, you may be exempted from any future liability against those defects.|
|👍||Develops Credibility||Honesty, accuracy and transparency are of utmost importance when selling your house. Disclosures are a way of achieving all of these and thereby enhancing your credibility.|
» Sell My House For Cash Now: Check out the best options to sell your home fast for cash.
Mississippi Seller Disclosure Law
The sellers in Mississippi are bound by specific federal and state laws in relation to the sale of their property. Set out below are a few pointers revolving around Mississippi seller disclosure laws.
Statute on Seller Disclosure Mississippi
In Mississippi, sellers are required by law to provide disclosures to prospective buyers. Sellers must make disclosure about any material defects and condition of the residential property in the Property Condition Disclosure Statement. The sellers must fill the form in good faith and in their best knowledge. Sellers can be held liable if they misrepresent on the Disclosure Statement.
» How To Sell My House Faster Mississippi: Read our blog if you’re in dire need to sell your house fast in Mississippi.
Disclosure of Material Defects
Apart from stating various characteristics and important aspects of the property and structure, the seller must disclose the latent material defects of the house to the prospective buyer. The seller is required to deliver the Disclosure Statement to the buyer prior to the contractual binding between the Parties.
- ✍️ Editor’s Note: Latent material defects are the ones which are not apparent or visibly recognizable defects, but they significantly affect the value of the property. Generally, these defects pose a threat to the safety or health of the occupants.
Lead-Based Paint Disclosure Mississippi
Additionally, as mandated under Federal Law, the sellers must disclose if their property (if built prior to 1978) has been coated by lead-based paints. The Lead-based paint disclosure form for the seller should be filled out by the seller.
🤔 Too Many Disclosures Giving You A Headache?
Worry not! Houzeo’s cutting edge technology automatically provides you with the necessary disclosures, curated to match your property and location.
START YOUR MLS LISTING NOW
Most Common Mistakes By FSBO Home Sellers in Disclosures
The main object of disclosures in any area is to give clarity and perspective to a buyer. Buyers who are looking for a home usually have certain criteria in mind before searching for a home. A seller disclosure acts as a bridge to close these doubts, giving buyers a reason to have faith in you and your deal.
- One of the biggest mistakes a seller can make is not giving disclosures at all. The lack of trust between a buyer and seller can demotivate a buyer from considering your property altogether. Hence, it is suggested that sellers complete all disclosure formalities as soon as possible, even though it may not be legally required in your state.
- Likewise, sellers also get an option to mark a point as ‘unknown’ in disclosures. This gives you ample opportunity to be honest in your disclosures. Also, marking a certain disclosure clause as ‘unknown’ shifts the burden on a buyer to inspect that particular problem. Hence, don’t make the mistake of lying on your disclosures, as that would count as fraudulent misrepresentation and attract a lawsuit.
- Most state laws prescribe that the disclosures should be provided before closing. As an FSBO seller, it is your duty to provide disclosures as soon as possible, since you do not have a real estate agent to do these things for you.
- ✍️ Pro Tip: Sellers who are selling their house the FSBO way are advised to keep their Disclosure Statement ready before listing on the MLS. It increases your credibility and reliability from a buyer’s perspective, as they get an idea of the property’s condition early on.
» Can I Sell My House By Myself Mississippi: Are you considering selling your house without a realtor? Here are our tips for a smooth selling process.
Tips to Minimize Issues in Mississippi Disclosure Documents
|Review And Verify||There’s a time allowance (some permit 10 days) to review and verify everything about your Purchase and Sales Agreement—also the square footage, home usage, and marketing.|
|Ask Questions||Ask questions when in doubt. This would help you in avoiding future troubles.|
|Hire A Professional Inspector||A professional inspector can help you gather backup information about the property’s condition. You can also opt for a pre-inspection before listing.|
» Find out the best home inspectors in Mississippi.
|Disclose Everything||To avoid problems in your home disclosure statement disclose everything you know honestly. Even though it’s a minor issue, you must disclose it.|
|Get A Licensed Agent Involved||The best way to avoid disclosure issues is to get a licensed real estate agents Mississippi. Agents can help you manage and assist you in the process along the way.|
- ✍️ Pro Tip: List Your Property With Houzeo
One of the best ways to minimize problems in your seller’s disclosure is to Purchase the “Contract to Close Upgrade Package”. A Licensed broker will review your paperwork to make sure it is appropriate. In addition, you should also have the settlement agent review the paperwork so you cover all bases.
» More: Start your FREE listing NOW!
Final Word: Complexity of Seller’s Disclosure in Mississippi
|Level of Complexity||Average|
|Is Mississippi a Caveat Emptor State?||No|
|Is Mississippi a Non-Disclosure State?||No|
Disclosure laws in Mississippi do not follow the rule of ‘caveat emptor,’ i.e. let the buyer beware. Thus, it is the seller’s duty to disclose all material defects or additional disclosures that may affect the monetary value of the house to the prospective buyer.
Mississippi Seller’s Disclosures Statements are a little complicated. Selling your house FSBO is usually good, but then you would have to deal with all the disclosures on your own. This demands that you be aware of all the disclosure requirements and that any mistake can cost you dearly. Houzeo can help you with this.
- ✍️ Editor’s Note: Though selling your home yourself on a For Sale By Owner website can save you thousands in commission, we highly recommend you add a Flat Fee MLS listing to your marketing strategy. Check out the best Mississippi Flat Fee MLS.
» MS Flat Fee MLS – Discover The Best Flat Fee MLS Service in Mississippi
By listing your property with Houzeo, you get access to all forms in electronic format. And that too, for FREE! Houzeo has segregated all the disclosures state-wise so that you don’t have to hunt for Mississippi seller disclosures separately.
Check out some of the Houzeo reviews and how it has helped customers around the US.
*Seller disclosures are primarily the responsibility of a home seller. Regardless of the service, you engage in, you are required to ensure seller disclosures provided by you are complete and accurate to your best knowledge. Houzeo is not a brokerage or a licensed agent. It is a tech platform, and the tips presented here should not be construed as advice for which a real estate or attorney license is required.
Frequently Asked Questions
Are seller's disclosures required in Mississippi?
Yes, Mississippi laws mandate sellers make disclosures to the prospective buyer.
Do sellers have to disclose if the house was a site of death or suicide ?
No, sellers are not required by law to make these disclosures.
What happens if the seller delivers the Disclosure Statement after buyer has made the offer or after entering into contract ?
The buyer can terminate the contract or withdraw the offer within 3 dyas of receiving the Disclosure Statement.
- Cash Buyers in Mississippi – Find out the companies in Mississippi that buy homes for cash.
- Mississippi Home Staging – Read our blog to know helpful tricks to make your house attractive to buyers.
- Average Closing Cost in Mississippi– Know how much are closing costs in Mississippi.
- Who Pays Closing Costs in Mississippi– Buyer or Seller? Read more to know who generally pays the closing cost in Mississippi.
- Is Title Insurance A Scam in Mississippi– The expanding market reflects how new homeowners want to protect their investment years after closing. But what exactly is title insurance? Let’s find out!
- Top Real Estate Companies in Mississippi– Here’s our compiled list of the top 10 real estate companies in MIssissippi.
- Best Time of Year to Sell A House in Mississippi– Find out the best time to sell your property in Mississippi.
For MS Seller –
- How Much Are Closing Costs in MS For Seller– Find out seller’s closing costs obligations in Mississippi.
- Seller Closing Costs Calculator Mississippi– Here’s Houzeo’s closing cost calculator for the seller.
For MS Buyer-
- How Much Are Closing Costs For Buyer in MS– Find out buyer’s closing costs obligations in Mississippi.
- Mississippi Buyer Closing Cost Calculator – Here’s Houzeo’s closing cost calculator for the buyer.
Related: seller’s disclosure statement mississippi, sellers disclosure mississippi, sellers disclosure law mississippi, seller’s disclosure law mississippi, seller’s disclosure law mississippi association of realtors, mississippi home selling disclosure form, seller’s disclosure form mississippi, sellers disclosure form mississippi, mississippi seller’s disclosure form, seller disclosure statement for a condo mississippi, seller’s disclosure lead based paint mississippi, seller’s lies on disclosure statement mississippi, houzzeo, houszeo, housezo, hozeo, all cash offers, taxes on selling inherited property in mississippi, real estate photography in mississippi, how to stop foreclosure sale in mississippiUncategorized