Mississippi Laws
Requirement to Record: Options to purchase are not legally required to be recorded. However, recording establishes legal notice to third parties.[1]
Expiration: Mississippi law doesn’t explicitly set limits on constructive notice. Notice will be effective as long as the option is valid and enforceable.
Maximum Term: State law does not set a maximum term for a residential lease with an option to purchase.
No Duration: An option to purchase without an expiration date will expire automatically with the end of the lease.
Signing Requirements: Must be in writing and signed by the seller.[2]
Required Disclosures (1)
1. Lead-Based Paint Disclosure & EPA Pamphlet – If the property was built before 1978, then these disclosures must be attached to the lease agreement. They disclose to the tenant that there could be lead-based paint in the walls or on the ceiling.
Seller’s Disclosures (1)
1. Seller’s Property Disclosure Statement – The seller must provide the buyer with details about the property’s utilities and condition.