Jackson

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Attorneys conduct real estate closings. Conveyance is by warranty deed. Deeds of trust are the customary security instruments. Foreclosure involves a non-judicial process which takes 21-45 days. Mississippians use ALTA policies and endorsements. Buyers and sellers negotiate the payment of title insurance premiums and closing costs. There are no documentary, mortgage, or transfer taxes. Property taxes are payable on an annual basis and become delinquent February 1st.

Due annually and become delinquent February 1st

YES. Key components of property management (managing, renting and leasing) are considered real estate brokerage services under existing Mississippi real estate licensing laws. If a property manager is going to lease, rent, manage, list, procure prospects or negotiate, assist, or offer to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

YES. For example, bona fide owners of property and their salaried employees who are engaged in property management in the regular course of business are exempt. For more information about these and other Mississippi property management requirements and exceptions, please contact the Mississippi Real Estate Commission. Before hiring a property manager to manage your Mississippi rental property, you should always check that he or she is licensed appropriately. You can check the license status of Mississippi property managers at the Mississippi Real Estate Commission's "Find Licensee" webpage.

There is no requirement that a community association manager or condo association manager in Mississippi hold a real estate broker's license. In addition, no separate license is required.

Mississippi real estate broker licensing requirements include: - Trustworthiness: must provide Commission with evidence of trustworthiness - Experience: must have had an active sales license for twelve (12) months immediately preceding application - Education: must complete 120 classroom hours of real estate courses from a college/community college or from a Mississippi approved pre-license education provider. - Residency: Resident of Mississippi when application is submitted (although there is an exception for those obtaining non-resident licenses) - Age: must be 21 years of age or older - Exam: pass the broker licensing examination - Application: must complete application

Mississippi real estate salesperson licensing requirements include: - Trustworthiness: must provide Commission with evidence of trustworthiness - Education: must complete 60 classroom hours of real estate courses from a college/community college or from a Mississippi approved pre-license education provider. - Residency: Resident of Mississippi when application is submitted (although there is an exception for those obtaining non-resident licenses) - Age: must be 18 years of age or older - Exam: pass the salesperson licensing examination - Application: must complete application