Agreement or Contract for Deed for Sale and Purchase of Real Estate a/k/a Land or Executory Contract
Mississippi Statutes
TITLE 89 REAL AND PERSONAL PROPERTY
CHAPTER 1 Land and Conveyances
IN GENERAL
89-1-53. Mortgages and deeds of trust on land; to be referred to in deed of conveyance under foreclosure proceedings.
If there shall be a foreclosure and sale under any such mortgage or deed of trust on land, the deed of conveyance made to a purchaser pursuant to a sale thereunder shall recite the names of all parties to and the date of such mortgage or deed of trust, and also the book and page of the record thereof, and if made by a substituted trustee shall also recite the book and page of the record of his substitution and appointment; but the omission of such recitations shall not invalidate the deed of conveyance.
HISTORY: SOURCES: Codes, 1906, 2811; Hemingway's 1917, 2312; 1930, 2162; 1942, 883.
TITLE 89 REAL AND PERSONAL PROPERTY
CHAPTER 1 Land and Conveyances
IN GENERAL
89-1-59. Accelerated debt may be reinstated by payment of all default before sale.
Where there is a series of notes or installment payments secured by a deed of trust, mortgage or other lien, and a provision is inserted in such instrument to secure them to the effect that upon a failure to pay any one (1) note or installment, or the interest thereon, or any part thereof, or for failure to pay taxes or insurance premiums on the property described in such instrument and the subject of such lien, that all the debt secured thereby should become due and collectible, and for any such reason the entire indebtedness shall have been put in default or declared due, the debtor, or any interested party, may at any time before a sale be made under the terms and provisions of such instrument, or by virtue of such lien, stop a threatened sale under the powers contained in such instrument or stop any proceeding in any court to enforce such lien by paying the amount of the note or installment then due or past due by its terms, with all accrued costs, attorneys' fees and trustees' fees on the amount actually past due by the terms of such instrument or lien, rather than the amount accelerated, and such taxes or insurance premiums due and not paid, with proper interest thereon, if such should have been paid by any interested party to such instrument. Any such payment or payments shall reinstate, according to the terms of such instrument, the amount so accelerated, the same as if such amount not due by its terms had not been accelerated or put in default.
HISTORY: SOURCES: Codes, 1930, 2170; 1942, 892; Laws, 1924, ch. 157; Laws, 1975, ch. 414, eff from and after passage (approved March 25, 1975).
TITLE 89 REAL AND PERSONAL PROPERTY
CHAPTER 1 Land and Conveyances
REAL ESTATE TRANSFER DISCLOSURE REQUIREMENTS
89-1-501. Applicability of real estate transfer disclosure requirement provisions.
(1) The provisions of Sections 89-1-501 through 89-1-523 apply only with respect to transfers by sale, exchange, installment land sale contract, lease with an option to purchase, any other option to purchase or ground lease coupled with improvements, of real property on which a dwelling unit is located, or residential stock cooperative improved with or consisting of not less than one (1) nor more than four (4) dwelling units, when the execution of such transfers is by, or with the aid of, a duly licensed real estate broker or salesperson. (2) There are specifically excluded from the provisions of Sections 89-1-501 through 89-1-523: (a) Transfers pursuant to court order, including, but not limited to, transfers ordered by a probate court in administration of an estate, transfers pursuant to a writ of execution, transfers by any foreclosure sale, transfers by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance. (b) Transfers to a mortgagee by a mortgagor or successor in interest who is in default, transfers to a beneficiary of a deed of trust by a trustor or successor in interest who is in default, transfers by any foreclosure sale after default, in an obligation secured by a mortgage, transfers by a sale under a power of sale or any foreclosure sale under a decree of foreclosure after default in an obligation secured by a deed of trust or secured by any other instrument containing a power of sale, or transfers by a mortgagee or a beneficiary under a deed of trust who has acquired the real property at a sale conducted pursuant to a power of sale under a mortgage or deed of trust or a sale pursuant to a decree of foreclosure or has acquired the real property by a deed in lieu of foreclosure. (c) Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship or trust.
(d) Transfers from one co-owner to one or more other co-owners.
(e) Transfers made to a spouse, or to a person or persons in the lineal line of consanguinity of one or more of the transferors.
(f) Transfers between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement incidental to such a decree.
(g) Transfers or exchanges to or from any governmental entity.
(h) Transfers of real property on which no dwelling is located.
(i) The provisions of Section 89-1-527.
HISTORY: SOURCES: Laws, 1993, ch. 407, 1; Laws, 1997, ch. 456, 1; Laws, 2005, ch. 329, 2, eff from and after July 1, 2005.
Mississippi Case Law
The rule seems to be well settled in all jurisdictions that the vendor, who has the whiphand in the optional contract of forfeiture, must exercise his option promptly after default is made by the vendee; otherwise his failure to do so is taken to evidence his purpose of continuing the contract, which amounts to a waiver of his right to declare a forfeiture. . . .Ratliff v. Jackson 151 Miss. 486 (1928).
Where a vendor of real estate reserves title until payment of the purchase price, he has a lien for the unpaid purchase price which is similar to a mortgage, his title being held merely as security for the debt. Where the purchaser is to have immediate possession and the vendor is to retain the title until the purchase money is paid, a lien on the land is created in favor of the vendor. Stabiler v. Webb 375 So.2d 980 (1979).
A contract for the purchase and sale of real property which provides for monthly installments comes within Miss. Code Ann. 89-1-59, regarding payments made by debtors in default on installment contracts.
