A Mississippi real estate salesperson is reviewing the Mississippi Seller Disclosure Act with a new client to determine which types of transfers require a written property condition disclosure statement. Which of the following transfers is NOT exempt from the Mississippi Seller Disclosure Act's disclosure requirement?
Correct Answer
A) An individual owner selling a previously occupied single-family home to an unrelated buyer
Under Miss. Code Ann. §89-1-507, the Mississippi Seller Disclosure Act exempts foreclosure sales, new construction covered by a builder's warranty, and transfers between co-owners, among other categories. An individual owner selling a previously occupied single-family home to an unrelated third-party buyer is a standard arm's-length residential sale and is NOT exempt — it is precisely the type of transaction the Act was designed to cover, requiring a full written property condition disclosure statement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
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