More Mississippi Real Estate Terms - Part 3

Seller's Disclosure Statement - Required disclosure by the Sellers when a licensed real estate agent lists the property for sale and which (supposedly) truthfully indicates the condition of the major components of the home, including the age, type and condition of the structural and mechanical components, the water and sewer/septic systems, and various other matters such as yearly average costs of electricity, taxes, homeowners' dues, etc. It is supposed to give all potential buyers a truthful snapshot of any and all known conditions of the home which a reasonable buyer would want to know. It must be signed by the sellers.

Survey - A map or plat prepared by a land surveyor or engineer showing the boundaries of the property, the location of any structures or other improvements, any easements, encroachments, or set-backs, size of the property, and legal description of the property.

Title Defect - Any defect in the title to real estate which impairs marketability.

Title Insurance - An indemnity contract which can be purchased at closing that insures the policy holder from a financial loss as a result of title defects. It pays the fair market value of any loss that the policyholder suffers as a result of a title defect, and provides the policyholder with attorneys at no cost who will defend the policyholder's title in the event a claim is made against the policyholder for a title defect (even after the policyholder no longer owns the real estate).

No - A difficult, two-letter word that most people have a hard time saying when they absolutely know they should. This word is often the hardest word in the English language to say.