Mississippi Standard Conditions of Acceptance of Escrow

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US-37003-C
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This is a multi-state form covering the subject matter of the title.
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FAQ

Which of the following is a requirement for all active Mississippi real estate licensees? be a legal resident of Mississippi.

When there are no contingencies listed and a sale falls through, the seller will likely keep the deposit. Escrow does not typically release a deposit without permission from the buyer and seller. A home sale falling out of escrow is a disappointment for both parties.

Each appointee shall have been a resident and citizen of this state for at least six (6) years prior to his appointment, and his vocation for at least five (5) years shall have been that of a real estate broker.

Review Contract ClausesThe seller might have a clause hidden deep in the contract that allows him to cancel the escrow without penalties for any reason he wishes to do so. Look for that carefully when going over the contract or you could get caught up in a mess down the road.

Here are some of the most common reasons a home falls out of escrow:The Buyer Fails to Qualify for Financing.The Buyer's Inspection Uncovers New Defects of the Property.The Lender's Appraisal Comes in Lower Than the Offered Price.There Are Issues With the Title.There's Human Error.The Buyer Gets Cold Feet.

Terms in this set (121) Who is required to have areal estate license? Anyone advertising, selling or leasing property on behalf of others or carrying out real estate business on behalf of others. Who is exempt from having a real estate license?

An owner-developer's sales staff must hold active real estate licenses in order to be paid a commission or other compensation based on actual sales (that is, on a transactional basis).

A licensee is required to pay over to the responsible broker all deposits and earnest money immediately upon receipt thereof. Earnest money must be returned promptly when the purchaser is rightfully entitled to same allowing reasonable time for clearance of the earnest money check.

Which of the following are two criteria for members of the Mississippi Real Estate Commission? Lived in Mississippi for 6 years and worked as a broker for 5 years.

The seller can either agree to give you more time to sell your house, or decline and cancel escrow. A more common contingent scenario that causes sellers to back out is when the deal depends on the seller finding a new place to purchase.

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Mississippi Standard Conditions of Acceptance of Escrow