By law, you are required to have a Mississippi attorney prepare or oversee the preparation of the deed.
With that said, if a buyer and a seller only wanted to swap a deed for cash, they could do that without an attorney. While these deals are valid, they also come with potential pitfalls.
If they’re not using an attorney, they likely haven’t had a title search conducted. That means they don’t really know what they’re buying. Therefore it’s not ideal or recommended to proceed without a lawyer.
Who Pays The Closing Costs In Mississippi For Real Estate Transaction?
As a default, it’s usually the buyer that’s paying the closing costs. However, typically in real estate sales contract negotiations, sometimes the seller will make concessions to the buyer to offer to pay some of their closing costs.
With the current Mississippi Real Estate Commission the seller typically pays for the termite inspection and real estate professional fees. On the other hand, it’s typically the buyer that will pay for the closing, the title search, and title insurance.
How Long Generally Is It Going To Take To Close On A Property In Mississippi?
The length of time it takes to close on a Mississippi property depends on whether or not the buyer is borrowing money to purchase the property.
A cash closing in Mississippi is about 14 days on average. Sometimes it’s sooner. A cash closing is contingent upon whether the title is valid. Sometimes a cash closing can take as little as 5 days.
However, if there’s a lender involved it’s about a 20 to 30 day process due to the amount of back-and-forth involved. When a real estate contract is signed, there’s typically a delay before the lender contacts the closing attorney to request a title opinion or title commitment. Then it takes the attorney’s office on average about a week to get the title commitment prepared and provide all of the documents to the lender.
What Is The Title Opinion And Why Is This So Important?
A title opinion, also known as a title certificate or title commitment is the attorney’s statement on whether a title is marketable and a property purchase is valid. The attorney will ensure that there’s no title defects, no liens encumbrances, unpaid taxes, federal tax liens, state tax liens, or heir-ship issues if there’s an estate involved.