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This is a form of Promissory Note for use where residential property is security for the loan. A promissory note is a written promise to pay a debt. An unconditional promise to pay on demand or at a fixed or determined future time a particular sum of money to or to the order of a specified person or to the bearer. A separate deed of trust or mortgage is also required.
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Interesting Questions
Owning a residential property with a pool in Mississippi can provide a refreshing escape from the hot summers and serve as a gathering spot for family and friends. It adds value to your home and creates an inviting atmosphere for relaxation and entertainment.
Before purchasing a property with a pool in Mississippi, it's essential to consider the pool's condition, maintenance requirements, and compliance with safety regulations. Additionally, evaluate the overall cost of pool upkeep, insurance implications, and potential impact on property resale value.
Yes, Mississippi has specific regulations regarding residential properties with pools. It's important to comply with safety requirements such as installing a pool fence and gate, obtaining necessary permits, and adhering to local building codes. It is advisable to consult local authorities to ensure complete compliance.
The cost of pool maintenance in Mississippi can vary depending on factors such as pool size, type, and location. On average, homeowners can expect to budget between $1,000 to $2,500 annually for basic maintenance, including cleaning, chemicals, equipment upkeep, and potential repairs.
In Mississippi, some common challenges with residential pool ownership include algae growth due to high humidity, regular maintenance to combat mosquitoes, and potential damages caused by hurricanes or severe weather. It's important to understand these challenges and take appropriate measures to address them.
Yes, owning a property with a pool can impact your insurance premiums in Mississippi. Pools are considered an 'attractive nuisance' and may increase liability risks. It's advisable to inform your insurance provider about the pool to ensure proper coverage and explore any additional liability insurance options.
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