Office Policy Manual Guide - Mississippi Association of REALTORS

Chapter 6Listing PolicyAgency DisclosurePrior to the seller's signing of the listing contract, the associate shall discuss the different typesof agency relationships with the seller, explaining the responsibilities of seller's agents, buyer'sagents, subagents, dual agency, and facilitators. Upon execution of the listing contract, associatewill obtain a completed "S eller‘s D isclosu re F orm " from the seller. The associate shall tenderevery written offer to purchase or sell until a contract is signed by all parties.Residential Property Condition DisclosureThe owner of the residential property shall furnish to a purchaser one of the following:• A residential property disclosure statement— Provides the condition of property including any material defects known to the owner.The disclosure form must:1. Include all items listed on the disclosure form required in Real Estate LicenseLaw and Rules and Regulations §89-1-509, M R E C F orm #0100, ―S eller‘sD isclosure S tatem ent.‖2. Notice to prospective purchasers and owners that the prospective purchaser andthe owner may wish to obtain professional advice or inspections of the property.3. Notice to purchasers that the information contained therein is strictly therepresentation of the owner.Note: The owner is not required to undertake or provide any independent investigations orinspections of the property in order to make the disclosure.• A residential property disclaimer— States the owner makes no representations or warranties as to the condition ofthe property and that the purchaser will be receiving the property "as is" unlessprovided in the real estate purchase contract. A disclaimer statement may only bepermitted where the purchaser waives the required disclosure.Disclosure of Adverse FactsAn "adverse fact" means a condition or occurrence that is generally recognized by a competentlicensee as:• S ign ifican tly an d adversely affectin g th e valu e of th e property• S ign ifican tly redu cin g th e stru ctu ral in tegrity of im provem en ts to real estate• P resen tin g a sign ifican t h ealth risk to occu pan ts of th e property3.48