A Mississippi purchase agreement is a document signed by a buyer and a seller that details the agreed-upon terms of a sale of goods or property. The purchase agreement becomes a legally binding document once both parties have signed it. However, a purchase agreement isn’t required by law in Mississippi.
A buyer prepares and presents a purchase offer called a Mississippi real estate purchase agreement to the seller to purchase residential real estate. If the buyer accepts the offer, both parties sign to legally bind the purchase agreement.
All terms of the offer should be included in a real estate purchase agreement, such as:
- The amount of the offer
- A description of the property
- How the purchase will be financed
- Earnest money amount
- The offer expiration date
The seller must provide a Lead-Based Paint Disclosure and a Property Disclosure Statement to the buyer before the sale can become final.
A legal contract that transfers the ownership of a business entity from a seller to a buyer is called a Mississippi business purchase agreement. A business purchase can be complex. While hiring a lawyer is not required to execute a business purchase agreement, it is recommended.
Similar to a business purchase agreement, a Mississippi asset purchase agreement outlines the purchase details of a business or significant business asset. Like with business purchase agreements, most asset purchase agreements should be executed by a lawyer if the purchase is complex.
A Mississippi land purchase agreement is a document that outlines the sale terms and conditions of vacant land between a buyer and a seller. The land purchase agreement should include all details about the purchase and sale of the land, especially a legal description of the land from the property deed.
Like with a real estate purchase agreement, the seller must provide a Property Disclosure Statement to the buyer before the sale can become final.
A contract for the sale of corporate stock is a stock purchase agreement. The seller can be a corporation or an individual shareholder. A Mississippi stock purchase agreement should include details of the sale, such as:
- The total purchase amount
- The value of each share of stock
- The number of stock shares being purchased
- Stock delivery and closing details
Here are some common questions regarding Mississippi purchase agreements.