Mississippi real estate: buy or sell with a local AXEN agent
Mississippi makes sellers give a disclosure when an agent is involved, lets you walk away for 3 days if it comes after your offer, and has no transfer tax. New owners must file for the homestead exemption by April 1. Here is what is the same everywhere in Mississippi, and where to search homes.
Mississippi: search homes by city
Tap a city to see the newest homes for sale there.
What every Mississippi buyer and seller should know
Sellers disclose when an agent is involved
When a licensed agent is part of the sale of a home with 1 to 4 units, the seller must give you a property condition disclosure statement (Miss. Code 89-1-501). For-sale-by-owner deals with no agent are not covered by this law.
The disclosure should come early
The seller must deliver it as soon as practicable before the title transfers (Miss. Code 89-1-503). The contract or an addendum should show that the seller complied.
A late disclosure lets you walk away
If the disclosure, or an important update, reaches you after you sign an offer, you can cancel by giving written notice within 3 days of getting it in person, or 5 days if it came by mail (Miss. Code 89-1-503).
Some sales skip the disclosure
Court-ordered sales, foreclosures, estate sales, sales between co-owners or family, divorce transfers and government sales are exempt (Miss. Code 89-1-501). Your inspection matters even more on these.
There is no transfer tax
Mississippi does not charge a state transfer tax on home sales. You pay county recording fees instead.
File for homestead by April 1
Mississippi's homestead exemption lowers the tax on the home you live in, but you must apply. Own and live in the home on January 1, then file with the county tax assessor by April 1. A new home means a new application.
Check flood and wind insurance early
On the Gulf Coast and near rivers, flood insurance and wind coverage can change your monthly payment a lot. Get insurance quotes during your inspection period, before you are locked in.
A lawyer usually checks the title
In Mississippi, a lawyer typically examines the title and handles the closing along with the title insurer. Who pays for which title policy is set by your contract and local custom.
Closing costs in Mississippi: who pays what
Who pays what in Mississippi. There is no transfer tax, so most costs follow your contract and local custom, and all can be negotiated.
| Buyer pays | How it works |
|---|---|
| Lender's title policy | Required with a loan. Usually paid by the buyer. |
| Title exam and closing attorney | Often the buyer pays. Set in the contract. |
| Recording fees | County fees to record the deed and mortgage. |
| Loan costs | Origination, appraisal and credit report, if you have a loan. |
| Home inspection | A flat fee, paid during your inspection period. |
| Flood and wind insurance | Can be large on the coast. Get quotes early. |
| Prepaid taxes and insurance | Your first year of homeowners insurance and any tax escrow. |
| Tax adjustments | Your share of property taxes from the closing date. |
| Seller pays | How it works |
|---|---|
| Owner's title policy | Set by your contract and local custom. |
| Deed preparation | The fee to draft the deed. |
| Mortgage payoff | Your lender's payoff plus the fee to cancel the mortgage. |
| Listing agent's commission | Set in your listing agreement. Always negotiable. |
| Termite letter | Often required by the lender and paid by the seller. |
| HOA payoff or letter | Only if the home is in an association. |
| Tax adjustments | Your share of property taxes for the time you owned the home. |
| Repairs or credits you agree to | Only what you agree to in the contract. |
Mississippi has no transfer tax. Recording fees are set by state law and collected by the county chancery clerk. Confirm current numbers with your closing attorney.
How a Mississippi home purchase runs
The order most Mississippi purchases follow. Your contract sets the exact deadlines, so keep a calendar.
Get pre-approved →-
Get pre-approved. Know your budget and payment before you tour.
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Read the disclosure. Ask for it before you offer if you can.
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Make an offer. Include inspection, financing and appraisal contingencies.
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Inspect and get insurance quotes. Check flood and wind costs before your deadlines pass.
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Termite inspection. Many lenders require a wood-destroying insect report.
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Title exam. A lawyer checks the ownership history and liens.
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Loan approval. The lender finishes the appraisal and underwriting.
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Final walk-through and close. Check the home, then sign and get the keys.
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File for homestead. Apply with the county tax assessor by April 1.
Mississippi by region
Mississippi markets run from the Memphis suburbs to the Gulf Coast. Tap a city to see the newest homes for sale there.
AXEN Realty in Mississippi
Every AXEN agent in Mississippi works under a licensed managing broker: Darlene Plaia (AXEN Realty, LLC, firm license C-24534). See every state on the state brokers page.
Buying? Start with the home buying guide and get pre-approved.
Selling? Read the home selling guide and get your home value.
Moving here? Read buying in a new state.
Mississippi real estate questions
Does the seller have to give me a disclosure in Mississippi?
Yes, when a licensed agent is involved in the sale of a 1 to 4 unit home. If it comes after your offer, you have 3 days (5 if mailed) to cancel in writing.
Does Mississippi have a transfer tax?
No. There is no state transfer tax. You pay county recording fees.
How do I get the homestead exemption?
Own and live in the home on January 1, then apply with your county tax assessor by April 1. You must reapply after buying a new home.
Which sales don't come with a disclosure?
Foreclosures, court-ordered sales, estate sales, sales between co-owners or family, divorce transfers, and for-sale-by-owner sales with no agent.
Do I need flood insurance?
If your lender says the home is in a high-risk flood zone, yes. Even outside one, it is worth a quote, especially near the coast or rivers.
Who closes the sale in Mississippi?
Usually a closing attorney or title company, with a lawyer examining the title.
Is a home inspection required?
No law requires one, but it is your best protection. Write an inspection contingency into your offer.
Who pays for title insurance?
It depends on your contract and local custom. Settle who pays for the owner's and lender's policies in your offer.