228-818-5552
228-818-5552

Real Estate Attorney: Buying Residential Property in Mississippi

Purchasing, selling or refinancing residential and commercial property in Mississippi is an exciting but overwhelming time for people. Getting the right kind of legal advice is important to make sure mistakes are not made that can delay or hinder the process.

At Andy J. Alfonso, III, Attorney at Law, PLLC, we help purchasers, sellers and lenders along the Mississippi Gulf Coast (i.e. Ocean Springs, Biloxi, Gulfport, Pass Christian, Gautier, Pascagoula, Moss Point, Lucedale, Waveland, Bay St. Louis, Wiggins, Long Beach, D'Iberville, Pascagoula, etc.) and will help you navigate this important time in your life. Contact us at 228-818-5552 to schedule a free consultation today.

Buying Residential Real Estate in Mississippi

Your home is most likely the biggest investment you will ever make and it is important to educate yourself on the process so you know what to expect. The following are some of the highlights of the home buying process. Remember, however, that the exact process may differ in the area where you are purchasing a home, and that is why you should speak to a real estate attorney in Mississippi to make sure you follow the process accordingly.  

Team Up with a Real Estate Lawyer and Title & Escrow Company

One of the first decisions you need to make is whether you need or want the assistance of a real estate lawyer. A lawyer will ensure your rights are upheld and your obligations are met. The former ensures you get the best deal when making one of the largest investments of your life, while the latter ensures you do not suffer delays due to legal or formality issues. 

Making sure your real estate transaction is legally sound is critical, and a real estate lawyer has the skills to do so. Some states may require a real estate lawyer, while others recommend it. 

Team Up with a Real Estate Agent

An agent can help guide you through the buying process, from determining your budget to finding your home and placing an offer, to closing on the purchase of your house. If you are familiar with the area you are buying in and have bought homes before, you may not need their assistance. If you are new to the area or new to purchasing a home, you may want the help of an agent. 

Having an agent should not cost you anything out of pocket. The seller pays agents out of the proceeds from the sale of the house. 

Find Your New Home

This is the fun part – looking for your new home! Attend open houses and schedule walkthroughs. Be sure to stay within your budget, so you do not get your hopes up on a house, only to have them dashed in the end. 

Make An Offer

Once you have chosen the home you wish to purchase, it is time to make an offer. If you have a real estate lawyer, they will help guide you through this process. An attorney can also help you anticipate whether other people will likely bid against your offer given the current market. If so, you may want to increase your offer, if your budget allows it.

Financing, Appraisals, and Inspections

If you can pay cash for your new home, you do not have to worry about obtaining any type of financing. If you are obtaining financing, there are different sources from which you can do so. If you do not know where to begin, ask other people whom you know and trust. If you have a good relationship with your banker, that is always a good place to start.

Whether you obtain financing, you need to have the home and property inspected and appraised. This process should uncover any problems. If they exist, the lender will be informed, and you will have the opportunity to have the issues timely addressed. Keep in mind, anything that arises from the inspection could impact the value of the property.    

Attend the Closing

Closing will be scheduled for you to close on your new home, and you will be told what to bring. In some states, an attorney is required to conduct the closing. Once the paperwork has been executed, you will get the keys and can move in.

Factors to Consider before Purchasing a New Home

There are certain factors to consider before purchasing a new home. The following are a few to consider. 

  • Your Budget. What can you comfortably afford? If you will be taking out a mortgage to buy the property, what is the monthly payment amount you can pay, and how much is the lender willing to loan you?
  • Your Desired Location. You should decide where you want to live and be specific about it. Do you want to be close to work? Or maybe it is important to live close to recreational places of interest? 
  • Local Schools. Even if you do not plan on having children, it is still important to move into a good school district in case you decide to sell the home one day. A home in a good school district typically sells more quickly and for more money than one in an unpopular district. 
  • Other Factors. Many other factors to consider include things like your commute time, noise levels, and HOA costs and fees.

Seller Disclosure Requirements in Mississippi

Sellers are required to disclose certain matters when they sell their homes. Although this varies widely by jurisdiction, some of the most common disclosures include:

  • Neighborhood nuisances, such as a shooting range nearby
  • Any known structural defects or hazards
  • Environmental hazards

Failure to disclose the required information can result in lawsuits or fines against the seller. That said, keep in mind certain sellers may not be required to disclose information. For example, in some states, if the party selling a house inherited it but never lived in it, they will not be expected to complete a disclosure statement. 

Always keep in mind that not all attorneys have the same experience and the same way of conducting their practice. Meeting the real estate attorney first will help you understand if they meet your requirements and needs.

Contact a Residential Real Estate Attorney and Title Company on the Mississippi Gulf Coast (i.e. Ocean Springs, Biloxi, Gulfport, Pass Christian, Gautier, Pascagoula, Moss Point, Lucedale, Waveland, Bay St. Louis, Wiggins, Long Beach, D'Iberville, Pascagoula, etc.) today.

If you are looking to purchase, sell or refinance residential or commercial real estate in Jackson, Harrison, Hancock, George and Stone Counties, contact Andy J. Alfonso, III, Attorney at Law, PLLC today by filling out our online form or calling us at 228-818-5552 to schedule a free consultation.