Call To Set Up A Consultation

Monday - Friday - (8:00am - 5:00pm)

Call To Set Up A Consultation (601) 401-6134

Does Mississippi Require A Closing Attorney?

Does Mississippi Require A Closing Attorney?

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.

How Much Does It Cost To Close On A House In Mississippi?

In Mississippi, closing costs for purchasing a house usually range from 2% to 5% of the home’s total price. These cover various expenses associated with finalizing the real estate transaction. Common closing costs include loan origination fees, appraisal fees, title search and insurance fees, legal fees, recording fees, and prepaid expenses such as homeowners insurance and property taxes.

The specific amount you can expect to pay can vary based on the purchase price of the home, the type of mortgage you secure, and any negotiations and contingencies arranged with the seller. In these cases, it is recommended that you carefully review the loan estimate provided by your lender, which outlines the details of the estimated closing costs. Additionally, working alongside a qualified real estate attorney will help you successfully navigate through the closing process and understand all costs associated with your transaction.

Closing costs can add a significant amount of additional money to your upfront expenses when buying a home. For this reason, it is essential that you plan for these costs by effectively budgeting and staying informed on the status of your transaction.

Chat with a member of our team for an accurate and well-informed evaluation of your closing costs. – (601) 401-6134

What Is The Longest A Closing Can Take In Mississippi?

There are several factors that determine the timeframe for closing on a house in Mississippi. These include the complexity of the transaction, the efficiency of all parties involved, and any potential delays that arise along the way. Generally speaking, however, the closing process in the state of Mississippi can take between 30 and 45 days from the time the purchase agreement is signed to the closing date.

It is important to recognize that situations may come about that cause closings to take longer. For instance, if there are issues with the title search or if the buyer’s financing fails, the whole closing process may be delayed. Additionally, if there are contingencies such as repairs or negotiations that must be addressed, the timeline can be extended.

To expedite the closing process, it is critical for both the buyer and seller to promptly provide all relevant information and documentation and fulfill their obligations as outlined in the purchase agreement. By working with experienced real estate lawyers, you can be sure this process will be streamlined and potential delays minimized – allowing you to reap the benefits of a successful closing.

Want to learn more about the closing timeline in Mississippi? Our qualified attorneys are standing by. – (601) 401-6134

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 Does It Take To Close 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.

More Information

For more information on Real Estate Law in Mississippi, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (601) 401-6134 today.

Andrew Cardwell, Esq.

Call To Set Up A Consultation
(601) 401-6134

Accessibility Accessibility
× Accessibility Menu CTRL+U