This form can be downloaded for free at the MREC web portal.
INFORMATIONAL STATEMENT FOR MISSISSIPPI PROPERTY CONDITION
DISCLOSURE STATEMENT (EFFECTIVE JULY 1, 2008)
In accordance with Sections 89-1-501 through 89-1-527 of the Mississippi Code of 1954, as amended, effective July 1, 2005, a TRANSFEROR of real property consisting of not less than one (1) nor more than four (4) dwelling units shall provide a Property Condition Disclosure Statement when the transfer is by, or with the aid of, a duly licensed real estate broker or salesperson. The required Property Condition Disclosure Statement shall be in the form promulgated by the Mississippi RealEstate Commission (MREC) or on another form that contains the identical information. The MREC Form may be found at www.mrec.ms.gov
RIGHTS OF PURCHASER AND CONSEQUENCES FOR FAILURE TO DISCLOSE
If the Property Condition Disclosure Statement is delivered after the Transferee has made an offer, the transferee may terminate any resulting real estate contract or withdraw any offer for a time period of three (3) days after the delivery in person or five (5) days after the delivery by deposit in mail. This termination or withdrawal will always be without penalty to the Transferee and any deposit or earnest money must be promptly returned to the prospective purchaser (despite any agreement to the contrary).
DUTY OF LICENSEE AND CONSEQUENCES OF FAILURE TO FULFILL SUCH DUTIES
The Mississippi Statute requires real estate licensees to inform their clients of those clients’ duties and rights in connection with the Property Condition Disclosure Statement. The failure of any licensee to inform their client of the clients’ responsibilities could subject the licensee (salesperson and broker) to censure, suspension, or revocation of their respective real estate licenses. The licensee is not liable for any error, inaccuracy or omission in a Property Condition Disclosure Statement unless the licensee has actual knowledge of the error, inaccuracy or omission by the Transferor.
IMPORTANT PROVISIONS OF THE LAW
**The Property Condition Disclosure Statement should not be considered a warranty by the Transferor. **The Property Condition Disclosure Statement is NOT intended to become a part of any contract between the Transferor(s) and the Transferee(s) and it is for “disclosure” purposes only. **The Property Condition Disclosure Statement may not be used as a substitute for an inspection by a licensed home inspector or for other home warranties that the Transferor or Transferee may obtain. **Any Appliances or Items deemed to be Personal Property should be negotiated by the Seller and the Buyer in the Contract for the Purchase and Sale of Real Estate and all ownership rights should be transferred by a Bill of Sale or other appropriate contractual instrument. This Property Condition Disclosure Statement is not part of the Contract of Sale.
**Nothing in this law precludes the rights and duties of the Transferee to inspect the property.
Section 89-1-501 (2) <a through i> stipulates specific exemptions from the requirement of providing a Property Condition Disclosure Statement by the Transferor of residential property. They include:
**Transfers pursuant to a court order, a writ of execution, a foreclosure sale, a bankruptcy, an eminent domain proceeding, transfers from a decree for specific performance, transfers by a mortgagor who is in default, any sale pursuant to a decree of foreclosure or by means of a deed in lieu of foreclosure, transfer by the administration of a decedent’s estate, a guardianship, a conservatorship or a trust.
**Transfers from one co-owner to another, transfers from one spouse to another, transfers to a person in the lineal line of consanguinity, transfers to or from governmental entities or transfers on which no dwelling is located.
If the Transferor has NOT OCCUPIED the dwelling but, during the period of ownership, the Transferor has requested or authorized any repairs, replaced any of the mechanical equipment, has initiated any action or activity which could be documented on the Disclosure Statement or has actual knowledge of information which might impact a transferee’s decision to purchase the residence, Transferors are obligated to complete those specific portions of the Disclosure Statement which are applicable to that information.
The Transferor is
REQUIRED to sign the Disclosure Statement when the transaction is finalized to confirm that there have been no material changes to the property.
CONFIRMATION OF UNDERSTANDING
SELLER (UPON LISTING) DATE BUYER (BEFORE OFFER) DATE
SELLER (UPON LISTING) DATE BUYER (BEFORE OFFER) DATE
REPRESENTING THE SELLER(S) REPRESENTING THE BUYER(S)
Page 1 of 3
For Educational Purposes
PROPERTY CONDITION DISCLOSURE STATEMENT
The following is a Property Condition Disclosure required by Sections 89-1-507 through 89-1-527 of the Mississippi Real Estate Brokers Act of 1954, as Amended, and made by the
SELLER(S) concerning the condition of the RESIDENTIAL PROPERTY
located at: ____________________________________________________________________________
Approximate Age of the Residence______
This Disclosure is not a warranty of any kind by the Seller or any Real Estate Agent of the Seller in this transaction and is not a substitute for any inspections or warranties the Purchaser may wish to obtain. This statement may be made available to other parties and is to be attached to the Listing Agreement and signed by the SELLER(S).
TO THE SELLER(S):
Please complete the following form, including any past history of problems, if known. If the condition or question does not apply to your property, mark with “N/A”. IF THE RESIDENCE IS NEW/PROPOSED RESIDENTIAL CONSTRUCTION, the BUILDER should complete the Property Condition Disclosure Statement and reference specific plans/specifications, materials lists and/or change orders.
DO NOT LEAVE ANY BLANK SPACES. ATTACH ADDITIONAL PAGES IF
NECESSARY. THIS FORM MAY BE DUPLICATED BUT NOT ALTERED
A. BUILDING CODE:
Was the residence built in conformity with an approved building code? Yes _____ No _____ Unknown _______
If yes, was it inspected by a City/County Code Enforcement Inspector? Yes _____ No _____ Unknown _______
Has a Mississippi Licensed Home Inspector completed a Home Inspection Report? Yes _____ No_____
B. STRUCTURAL ITEMS:
Are you aware of any foundation repairs made in the past? Yes _____ No _____ Explain ____________________
Are any foundation repairs currently needed? Yes _____ No _____ Explain _____________________________
C. HISTORY OF INFESTATION, IF ANY: TERMITES, CARPENTER ANTS, ETC:
Any evidence of rot, mildew, vermin, rodents, termites, carpenter ants, or other infestation? Yes _____ No _____
Have you requested treatments for any type of infestations? Yes _____ No _____ Explain___________________
Are you aware of any Repaired Damage? Yes _____ No_____; If yes, please describe_______________________
Is there currently an outstanding termite contract? Yes _____ No _____ Who is the contractor? ______________
Has the roof been replaced or repaired during your ownership? Yes _____ No _____; If yes, when? ___________
During your ownership have there been any leaks, water back ups, or problems with the roof? Yes ____ No_____
The roof is _____ years old.
E. LAND AND SITE DATA:
Is there an engineer’s survey available? Yes _____ No _____ Date the survey was completed______________
Are you aware of the existence of any of the following, to wit:
Encroachments: Yes ___ No ___ Unknown ___ Flood Zone: Yes ___ No ___ Unknown ____
Easements: Yes ___ No ___ Unknown ___ Soil/Erosion: Yes ___ No ___ Unknown ____
Soil Problems: Yes ___ No ___ Unknown ___ Subsoil Problem: Yes___ No___ Unknown_____
Standing Water: Yes ___ No ___ Unknown ___ Land Fill: Yes___ No___ Unknown_____
Are you aware of any current zoning regulations which will cause the residence to be considered a nonconforming usage (lot size, set backs, etc) Yes ____ No ____ If Yes, please explain _________________________________
Are there any rights-of-way, easements, eminent domain proceedings or similar matters which may negatively impact your ownership interest in the residence? Yes _____ No _____ If YES, please explain ________________
FOR ANY REASON, has any portion of the residence ever suffered water damage? Yes _____ No ____ If yes, please explain in detail ______________. Is the residence currently located in a FEMA Designated Flood Hazard Zone? Yes ___ No ___ Unknown _____; Is Flood Insurance required? Yes _____ No _____ Unknown _________
Is any portion of the property designated as a
WETLANDS AREA? Yes _____ No _____ Unknown__________
During your period of ownership, have there been any additions, remodeling, structural changes or alterations to
the residence? Yes ____ No _____ If YES, please explain _____________________________________________
Name of the Licensed Contractor______________________. Were all work permits and approvals in compliance with the local building codes? Yes _____ No ____ Please Explain ______________________________________
G. STRUCTURE/WALLS/ WINDOWS:
Has there been any damage to the structure as a result of fire, windstorm, tornados, hurricane or any other natural disaster? Yes ___ No ___ If YES, please explain ___________________________________________________
Have you ever experienced ANY problems with walls, siding or windows? Yes ___ No ___ Explain __________
Are you aware of any problems which may exist with the property by virtue of prior usages such as, but not limited to, Methamphetamine Labs, Hazardous/Toxic waste disposal, the presence of asbestos components, Lead-Based Paint, Urea-Formaldehyde Insulation, Mold, Radon Gas, Underground Tanks or any past industrial uses of the premises? Yes ___ No ___ If “YES, please explain _________________________________________
SELLER’S INITIALS __________ Page 2 of 3 PURCHASER’S INITIALS __________
ELECTRICAL SYSTEM/PLUMBING SYSTEM:
Are you aware of any problems or conditions that affect the desirability or functionality of the Heating, Cooling, Electrical, Plumbing, or Mechanical Systems? Yes ____ No ____ If yes, please explain all known problems in complete detail _______________________________________________________________________________
WATER, SEWER, & SEPTIC ITEMS:
The water supply is: Public _____ Private ____ On-site Well ____ Neighbor’s Well ____ Community______
If your drinking water is from a well, when was the water quality last checked for safety, what were the results of the test and who conducted the test? ______________________________________________________________
Is the water supply equipped with a water softener? Yes _____ No _____ Unknown _____
The Sewage System is: Public ____ Private ____ Septic ____ Cesspool ____ Treatment Plant ____ Other _____
Is there a sewage pump installed? Yes ____ No ____ Date of the last Septic Inspection ____________________
Are you aware of any leaks, back-ups, or other problems relating to any of the plumbing, water, sewage, or related items during your ownership? Yes ____ No ____. If yes, please explain ________________________________
Is the residence situated on Leasehold or Sixteenth Section land? Yes _____ No _____ Explain ______________
Is there any existing or threatening legal action affecting the property? Yes ____ No ____ Explain____________
Are you aware of any violations of local/state/federal laws/regulations relating to the property? Yes ____ No ____
Are you aware of any hidden defects or needed repairs about which the purchaser should be informed
PRIOR to their purchase? Yes ____ No ___ If yes, please explain in detail _______________________________________
What is the APPROXIMATE SQUARE FOOTAGE of the Heated and Cooled Living Area ________________
How was this approximation of square footage determined? ___________________________________________
Are there any finished wood floors beneath the floor coverings? Yes ____ No ____ Where __________________
Are there any Homeowner’s Association Fees associated with ownership? Yes ____ No ____ Amount _________
If the property is a Condominium, how much is the YEARLY Maintenance Fees $_________________________
What is the YEARLY Real Estate Tax Bill? $__________ Homestead Exemption has been filed for __________
Is the property subject to ANY special real property tax assessments Yes _____ No _____ Explain ____________
Is the property located in a Public Improvement (tax) District (PID) Yes _____ No _____ Unknown _________
What is the average YEARLY Electric Bill? $_______ What is the average YEARLY Gas Bill? $___________
If the residence is serviced by Propane (LP) Gas, what is the average YEARLY Propane Bill? $______________
The Propane Tank is: Owned ______ Leased ______ If Leased, how much is the lease payment? $__________
Is Cable Television Service available at the site? Yes ____ No ____ Service Provider ______________________
Are any items remaining with the residence financed separately from the mortgages? Yes ____ No ___
APPLIANCES/SYSTEMS REMAINING WITH RESIDENCE:
ITEM YES NO GAS/ELECTRIC AGE LIST REPAIRS COMPETED
IN LAST TWO (2) YEARS
MECHANICAL EQUIPMENT CONSIDERED PERSONAL PROPERTY SHOULD BE NEGOTIATED IN THE CONTRACT OF SALE OR OTHER SUCH INSTRUMENT IF THE ITEMS REMAIN WITH THE RESIDENCE.
To the extent of the Seller’s knowledge as a property owner, the Seller(s) acknowledges that the information contained above is true and accurate for those areas of the property listed. The owner(s) agree to save and hold the Broker harmless from all claims, disputes, litigation and/or judgments arising from any incorrect information supplied by the owner(s) or from any material fact known by the owner(s) which owner(s) fail to disclose except the Broker is not held harmless to theowner(s) in claims, disputes, litigation, or judgments arising from conditions of which the Broker had actual knowledge.
SELLER (UPON LISTING) DATE SELLER (UPON LISTING) DATE
SELLER (AT CLOSING) DATE SELLER (AT CLOSING) DATE
PROSPECTIVE PURCHASER’S SIGNATURE ___________________________________________________________
PURCHASER(S) ACKNOWLEDGE RECEIPT OF REPORT DATE
MREC FORM #0100 Page 3 of 3 EFFECTIVE DATE: JULY 1, 2008