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Mississippi Real Estate Practices

Real Estate Practices by State
Real Estate Practices by Practice
Pricing and Schedule of Charges

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R.E.P. by Practice (Answer)
V 1

Mississippi Attorney Involvement

R.E.P. Topic by State (Question)

Please describe any requirements under applicable state law for attorney, abstractor or other special professional involvement, for example, in the search, examination, opinion of title, signing, closing, disbursement, recording, preparation of documents, and/or policy-issuance.

Attorneys must prepare every legal document not prepared by a party to the transaction, including Warranty Deeds, Promissory Notes and Deeds of Trust, etc. Non-Attorneys may conduct closings but may not give legal advice.

An opinion of title must be prepared by an attorney but an opinion of title is not required to issue a title insurance policy.

R.E.P. by Practice (Answer)
V 1

Mississippi Cancellation/Commitment Fee

R.E.P. Topic by State (Question)

Does your state permit or require a cancellation fee or commitment fee upon cancellation?

A cancellation fee is permitted but not required and is not customarily charged.

R.E.P. by Practice (Answer)
V 1

Mississippi Certificate of Release (of Mortgage)

R.E.P. Topic by State (Question)

If anyone other than the lender (such as a title agent, settlement agent, underwriter or attorney) has the authority to release the security instrument, please describe.

Lender or Trustee named in the Deed of Trust may execute release.

R.E.P. by Practice (Answer)
V 1

Mississippi Deeds

R.E.P. Topic by State (Question)

Please describe the kinds of deeds that are customary for commercial and residential transactions. Please describe the kinds of deeds that are generally not insurable.

Warranty Deed or Special Warranty Deed preferred. Generally do not insure Quitclaim Deeds.

R.E.P. by Practice (Answer)
V 1

Mississippi Good Funds Requirements

R.E.P. Topic by State (Question)

Is there a good funds requirement in your state?

No (9-4-19)

R.E.P. by Practice (Answer)
V 1

Mississippi Joinder of Spouses

R.E.P. Topic by State (Question)

If a non-title holding spouse is required to join in the execution of a deed or a security instrument, please describe. Any analogous rights, such as those in a civil union or equivalent, should also be addressed.

Non-Title holding spouse must sign conveyance or encumbrance of Homestead Property

Civil unions or equivalent are not recognized in MS.

R.E.P. by Practice (Answer)
V 1

Mississippi Mortgage Tax

R.E.P. Topic by State (Question)

Is there a mortgage tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe.

There is no mortgage tax in Mississippi.

R.E.P. by Practice (Answer)
V 1

Mississippi Payment Customs

R.E.P. Topic by State (Question)

Who customarily pays for:

(a) Owner’s Policy?
(b) Transfer Tax & Recording Fee?
(c) Survey Charges?
(d) Closing/Settlement Fees?

Who customarily pays for:

(a) Owner’s Policy? Buyer
(b) Recording Fee? Buyer
(c) Survey Charges? Buyer or Seller
(d) Closing/Settlement Fees? Seller

R.E.P. by Practice (Answer)
V 1

Mississippi Policy Countersignatures

R.E.P. Topic by State (Question)

Please describe any statutory or regulatory requirements for countersignatures in order to issue the policy (for example, residency requirements).

There are no special requirements for the countersignature so long as authorized officer of the issuing title agent.

R.E.P. by Practice (Answer)
V 1

Mississippi Real Estate Taxes

R.E.P. Topic by State (Question)

Please describe the general tax year, due dates, and delinquency dates, including lien dates and payment cycle.

Real Property taxes are paid in arrears. Taxes for the prior year are due January 1 of the next year and past due after February 1. If taxes are not paid by August, property is sold at a public tax sale. Owner has 2 years to redeem from date of Tax Sale, and if fails to timely redeem the Tax Deed will be issued to tax sale purchaser.

R.E.P. by Practice (Answer)
V 1

Mississippi Search Requirements

R.E.P. Topic by State (Question)

Is there a minimum period of time for a title search required: (a) by state law, (b) pursuant to marketable record title acts, or (c) by any other applicable title examination standards (e.g., state bar association)? Please respond to each category. If a minimum search period exists for any category, please state it.

By custom and practice, minimum search period is 32 years.

R.E.P. by Practice (Answer)
V 1

Mississippi Search and Examination Fees

R.E.P. Topic by State (Question)

Is it permissible and/or customary to charge a separate search and/or examination fee, and under what circumstances? If your jurisdiction is all-inclusive, please state that.

Separate charge is permissible and varies from agent to agent as to whether it is charged.

R.E.P. by Practice (Answer)
V 1

Mississippi Security Instruments (Deed of Trust vs. Mortgage)

R.E.P. Topic by State (Question)

Please describe the customary and permissible form(s) of security instruments used in your state.

Who can be listed as the trustee on the Deed of Trust (e.g., residency and/or natural person requirements, etc.)? Can an underwriter or title agent be designated as the trustee, and, if so, is it customary?

Deed of Trust. Any natural person or legal entity can be the Trustee. No residency requirement.

R.E.P. by Practice (Answer)
V 5

Mississippi Standard Exceptions and Requirements

R.E.P. Topic by State (Question)

Please identify the standard exceptions and requirements that are customarily used in your state.

Standard exceptions:

1.  Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the Public Records or attaching subsequent to the effective date hereof but prior to the date the Proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment.

2.  Rights or claims of parties in possession not recorded in the Public Records.

3.  Easements or claims of easements, not recorded in the Public Records.

4.  Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey and inspection of the premises.

5.  Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not recorded in the Public Records.

6.  Homestead or other marital rights of the spouse, if any, of any individual insured.

7.  Taxes or special assessments which are not shown as existing liens by the Public Records.

8.  Ad valorem taxes for the year (year of closing) and subsequent years, which are liens, but are not yet due and payable.

9.  Minerals of whatsoever kind, subsurface and surface substances, including but not limited to coal, lignite, oil, gas, uranium, clay, rock, sand and gravel in, on, under and that may be produced from the Land, together with all rights, privileges, and immunities relating thereto, whether or not appearing in the Public Records or listed in Schedule B. The Company makes no representation as to the present ownership of any such interests. There may be leases, grants, exceptions or reservations of interests that are not listed. 

 

Standard Requirements:

1. Show that restrictions or restrictive covenants have not been violated.

2. Payment to or for the account of the grantors or mortgagor of the full consideration for the estate or interest mortgage or lien to be insured.

3. Furnish proof of payment of all bills for labor and material furnished or to be furnished in connection with improvements erected or to be erected.

4. Pay all general and special taxes now due and payable.

5. Record instrument conveying or encumbering the estate or interest to be insured. 

R.E.P. by Practice (Answer)
V 1

Mississippi State-specific Policy Variations

R.E.P. Topic by State (Question)

If there are state-specific changes to the provisions in the ALTA policies (e.g., Arbitration, Minerals), please describe.

None.

R.E.P. by Practice (Answer)
V 1

Mississippi Title Insurance Form and Filing Regulations

R.E.P. Topic by State (Question)

Please describe the form and/or rate filing requirements, if any, related to policies and endorsements. Please describe any applicable rating bureau.

None. Rates are published.

R.E.P. by Practice (Answer)
V 1

Mississippi Transfer Taxes

R.E.P. Topic by State (Question)

Is there a transfer tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe.

No transfer tax.

R.E.P. by Practice (Answer)
V 1

Mississippi Usury

R.E.P. Topic by State (Question)

Is usury coverage available?

Yes, coverage is available. Usury statute is found at § 75-17-1.

R.E.P. by Practice (Answer)
V 1

Mississippi Withholding Taxes

R.E.P. Topic by State (Question)

What are your state’s requirements, if any, with regard to withholding proceeds from a sale, similar to but not including FIRPTA?

Five percent withholding of the net proceeds for Non-Resident Seller.

R.E.P. by Practice (Answer)
V 1

Mississippi Witness Requirements

R.E.P. Topic by State (Question)

Are witnesses required on a deed or security instrument? If so, please describe.

None.