The Mississippi Home-Buying Process: Your Step-by-Step Checklist

Mississippi requires the seller to give you a written Property Condition Disclosure Statement before or at the time you make an offer. It covers what the seller knows about the roof, plumbing, electrical, water, sewage, hazards, and neighborhood issues — read every page.

Cost: $0

Mississippi agents typically use the Mississippi Real Estate Commission's Contract for the Sale and Purchase of Real Estate. It covers parties, price, earnest money, financing contingency, inspection contingency, closing date, and default remedies in a form that's familiar to every Mississippi closer.

Cost: $0

Earnest money is a deposit that shows the seller you're serious. In Mississippi, it goes into the brokerage's trust account within 10 calendar days of the brokerage receiving it, and stays there until closing or until the contract decides who gets it back.

Cost: Typically 1-3% of purchase price

Spell out how many days you have to inspect the home and back out or renegotiate if something serious shows up. A typical window is 7-14 days from contract acceptance, but it's negotiable.

Cost: $0

This clause lets you back out and get your earnest money returned if your loan falls through. Make sure the deadline gives your lender enough time to complete underwriting and issue final loan approval.

Cost: $0

A seller concession is money the seller agrees to pay toward your closing costs or, in some deals, toward your agent's compensation. Concessions can't be advertised in the MLS as buyer-agent pay, but they can be written directly into your contract.

Cost: Varies

The seller may accept, reject, or counter your offer with changed price, closing date, or other terms. Don't agree verbally — every change has to be initialed or signed in writing for it to be part of the deal.

Cost: $0

Send your earnest money to the brokerage or escrow holder named in the contract by the deadline. Mississippi trust account rules require the brokerage to deposit it within 10 calendar days of receiving it.

Cost: Amount agreed in contract

Mississippi is an attorney-state for real estate closings. A licensed Mississippi attorney must prepare the warranty deed and other legal documents and issue the title opinion that confirms the seller really owns the property and can sell it.

Cost: $400-1,200 typical

Pre-approval is not a loan. Now you formally apply with your chosen lender, lock your rate if you want one, and start sending in everything underwriting will ask for.

Cost: Application fee varies by lender

By federal rule the lender must give you a Loan Estimate within 3 business days of your application. It shows the interest rate, monthly payment, and a breakdown of every fee — compare line by line if you applied with more than one lender.

Cost: $0

If the home was built before 1978, federal law requires the seller to give you a written disclosure of any known lead-based paint and the EPA pamphlet 'Protect Your Family From Lead in Your Home.' You also get a 10-day window to test for lead unless you waive it in writing.

Cost: $0

Under Miss. Code §89-12, if the home is in a planned community, the seller must disclose the HOA's existence, dues, special assessments, and provide the governing documents. Read the rules, fees, and any pending assessments before your inspection period ends.

Cost: HOA fees vary

Look up the address in the FEMA Flood Map Service Center to see whether it falls in a Special Flood Hazard Area (Zone A, AE, V, or VE). If it does, your federally backed lender will require flood insurance — get a quote so the premium doesn't surprise you.

Cost: $0 to check; flood insurance varies

A general inspector spends 2-4 hours looking at the structure, roof, electrical, plumbing, HVAC, and major appliances and gives you a written report with photos. Schedule it as soon as you're under contract so you have time to ask for repairs.

Cost: $350-600 typical

Termites and other wood-destroying insects are common in Mississippi's climate. Lenders for many loans (especially VA and some FHA) require a current termite or wood-destroying organism report from a licensed pest inspector.

Cost: $75-150 typical

If the home is in Hancock, Harrison, or Jackson County, prior hurricane damage and wind/flood insurance claims are material facts the seller has to disclose under Miss. Code §89-1-501. Confirm the disclosure addresses storm damage, repairs, and insurance claims history.

Cost: $0

Depending on what the general inspector flags, you may want extra reports — roof, HVAC, septic, well water, foundation, or mold. Each specialty inspector focuses on one system and gives you more detail than a generalist can.

Cost: $100-500 per specialty inspection

Mississippi is an oil and gas state and many properties have separate mineral ownership. If the seller knows the minerals were sold off or are leased, that has to be disclosed under Miss. Code §89-1-501 — make sure the disclosure addresses it.

Cost: $0

If the inspection turns up real problems, you and your agent can ask the seller to repair items, give you a credit at closing, lower the price, or release you from the contract. Put everything in writing as a signed amendment.

Cost: $0

The lender hires a licensed appraiser to confirm the home is worth at least the price you agreed to pay. You pay for the appraisal up front or at closing depending on the lender, and you get a copy of the report.

Cost: $400-700 typical

If the appraised value comes in lower than the contract price, you can ask the seller to lower the price, bring extra cash to cover the gap, dispute the appraisal, or back out using the financing contingency. Decide quickly because the loan can't close at the higher number.

Cost: Varies

Underwriting will ask for paperwork — updated statements, gift letters, explanations for deposits, or proof of paid-off debts. The faster you answer, the faster you get final approval; delays here are the most common reason closings slip.

Cost: $0

Lenders require an active homeowners policy in place at closing. Get quotes from at least two carriers, and if the home is in a FEMA Special Flood Hazard Area or on the Gulf Coast, plan for separate flood and wind coverage.

Cost: $800-2,500/year typical (varies widely by location)

If your federally backed loan is on a home in a FEMA Special Flood Hazard Area, the lender will require you to buy flood insurance before closing. Get a quote through the National Flood Insurance Program or a private carrier and have proof of coverage in hand for closing.

Cost: $500-3,000/year typical

If the seller is a foreign person (nonresident individual, foreign corporation, foreign trust, etc.), federal FIRPTA rules under 26 U.S.C. §1445 require you as the buyer to withhold a percentage of the sale price at closing. The closing attorney handles the paperwork, but the legal obligation sits on you as the buyer.

Cost: Withholding is generally 15% of gross sales price on sales over $1,000,000

'Clear to close' means underwriting has approved everything and the lender is ready to prepare the closing paperwork. Once you hear those words, the closing date can be confirmed with the attorney and seller.

Cost: $0

Federal rules require the lender to give you a Closing Disclosure at least 3 business days before closing. Compare it to your Loan Estimate — your interest rate, monthly payment, and cash to close should all line up; flag anything that doesn't.

Cost: $0

Within 24-48 hours before closing, walk the home with your agent. Confirm it's in the same condition as when you offered, that agreed-on repairs are done, and that included appliances are still there and working.

Cost: $0

Your Mississippi attorney searches the public records and issues a written title opinion confirming the seller can transfer clear title and listing anything that has to be cleared at closing (old liens, judgments, unpaid taxes). Read it and ask about anything you don't understand.

Cost: Included in attorney closing fee

Lender's title insurance protects the lender; owner's title insurance protects you if a title problem shows up later. It's a one-time premium at closing and is strongly worth the cost in an attorney-state like Mississippi.

Cost: $500-1,500 typical (one-time)

Wire fraud is one of the biggest risks at real estate closings. Always call the attorney or title company at a number you already have (not one in the email) to verify the wiring instructions before you send a dime.

Cost: $0

The Closing Disclosure tells you exactly how much cash you need at closing. Most Mississippi closings require a wire transfer (cashier's checks are sometimes accepted for small amounts) — send the wire only after confirming instructions by phone.

Cost: Amount on Closing Disclosure

At a Mississippi closing you'll sign the promissory note, deed of trust, and the loan disclosures. The attorney walks you through each one and explains what you're agreeing to — bring your ID and don't be afraid to slow down on anything that's unclear.

Cost: Included in attorney/closing fees

Only a licensed Mississippi attorney can prepare the warranty deed and other transfer documents — that's the practice of law in Mississippi. Confirm the deed names you correctly and lists the property's legal description before you finish signing.

Cost: $0 (included in attorney fee)

Mississippi charges a documentary stamp tax of $1.00 per $500 (or fraction) of the purchase price under Miss. Code §27-33-1. By custom the seller pays it, but the contract can shift it — check your settlement statement so you're not surprised.

Cost: $1 per $500 of purchase price

After signing, the attorney files (records) the deed with the county chancery clerk so the world knows you own the property. The recorded deed is what protects you legally — your attorney usually handles the trip.

Cost: $25-75 recording fee typical

Once the deed is signed and funds are disbursed, you get the keys, garage door openers, and any codes for the home. If the contract gives the seller a few extra days to move out, you'll take possession on the date the contract states.

Cost: $0

Call the power, water, gas, internet, and trash providers to put accounts in your name on the closing date. File a change of address with USPS and update your driver's license and voter registration once you're moved in.

Cost: Deposit fees vary by utility

Once the home is your primary residence, file for the Mississippi homestead exemption with your county tax assessor. The deadline is generally April 1 of the year following purchase, and filing on time lowers your property tax bill.

Cost: $0