Mississippi Real Estate Commission

§89-1-501. Applicability of real estate transfer disclosure requirement provisions

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(1) The provisions of Sections 89-1-501 through 89-1-523 apply only with
respect to transfers by sale, exchange, installment land sale contract,
lease with an option to purchase, any other option to purchase or
ground lease coupled with improvements, of real property on which a
dwelling unit is located, or residential stock cooperative improved with
or consisting of not less than one (1) nor more than four (4) dwelling
units, when the execution of such transfers is by, or with the aid of, a
duly licensed real estate broker or salesperson.


(2) There are specifically excluded from the provisions of Sections 89-1-
501 through 89-1-523:


(a) Transfers pursuant to court order, including, but not limited to,
transfers ordered by a probate court in administration of an estate,
transfers pursuant to a writ of execution, transfers by any
foreclosure sale, transfers by a trustee in bankruptcy, transfers by
eminent domain, and transfers resulting from a decree for specific
performance.


(b) Transfers to a mortgagee by a mortgagor or successor in interest
who is in default, transfers to a beneficiary of a deed of trust by a
trustor or successor in interest who is in default, transfers by any
foreclosure sale after default, in an obligation secured by a
mortgage, transfers by a sale under a power of sale or any
foreclosure sale under a decree of foreclosure after default in an
obligation secured by a deed of trust or secured by any other
instrument containing a power of sale, or transfers by a
mortgagee or a beneficiary under a deed of trust who has acquired
the real property at a sale conducted pursuant to a power of sale
under a mortgage or deed of trust or a sale pursuant to a decree
of foreclosure or has acquired the real property by a deed in lieu
of foreclosure.

(c) Transfers by a fiduciary in the course of the administration of a
decedent’s estate, guardianship, conservatorship or trust.
(d) Transfers from one co-owner to one or more other co-owners.
(e) Transfers made to a spouse, or to a person or persons in the lineal
line of consanguinity of one or more of the transferors.
(f) Transfers between spouses resulting from a decree of dissolution
of marriage or a decree of legal separation or from a property
settlement agreement incidental to such a decree.
(g) Transfers or exchanges to or from any governmental entity.
(h) Transfers of real property on which no dwelling is located.
(i) The provisions of Section 89-1-527.

Next §89-1-503. Delivery of written statement required; indication of compliance; right of transferee to terminate for late delivery
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