The standard of care of an agent has been described as ” a duty to use the degree of diligence and care which a reasonably prudent person would ordinarily exercise in the transaction of his own business….” More specifically, ” a business agent represents that he understands the usages of the business in which he is employed. One undertaking a matter involving special knowledge ordinarily thereby represents that he has the special knowledge required, and undertakes that, so far as it is necessary to keep in touch with events, he will do so.” Cavagnaro v. Coldwell Banker Alfonso Realty, Inc., 995 So.2d 754 (Miss.App. 2008)
Category Archives: Real Estate
In Mississippi, controlling case law provides that a mutually agreed upon as-is clause in real estate contracts exempts sellers from liability pertaining to the condition of the property. Moreover, the disclosure form is not a warranty. Although that form did not initially mention that the house had been moved, this fact was disclosed at closing and the buyers were given the opportunity to walk away and get their money back. Moreover, the buyer’s own witness testified that the defects were readily visible.
Although the buyers argued that when they learned of the problems at closing, they were essentially forced to go forward with the house purchase because of the money they had already expended and because they had nowhere else to go, the court found that they had no claim for economic duress: the seller didn’t threaten to do something she had no legal right to do; in fact, the seller offered to let the buyer out of the deal. No threat being present, the buyer’s claim was without merit.
“The ownership, control, or occupancy of a thing”, most frequently land or personal property, by a person.The U.S. Supreme Court has held that “there is no word more ambiguous in its meaning than possession” (National Safe Deposit Co. v. Stead, 232 U.S. 58, 34 S. Ct. 209, 58L. Ed. 504 [1914]). The term “possession” has a variety of possible meanings. As a result, possession,or lack of possession, is often the subject of controversy in civil cases involving real and personal property and criminal cases involving drugs and weapon
In Mississippi, specific performance is an equitable remedy available in breach of contract actions. The remedy is one of equity and is awarded in Chancery Court. In the Mississippi Supreme Court case of Lee v. Coahoma Opportunities, Inc., the Supreme Court held that “A claim for specific performance as a remedy for breach of contract is within the equity jurisdiction of the chancery court. 485 So.2d 293, 294-95 (Miss.1986). Specific performance is commonly awarded in controversies involving real estate sales. For instance, if the seller in a sales contract fails to do or not to do something, and refuses to sell the property, the court could order the seller to sell the property as agreed to in the contract. Conversely, if the buyer is in breach, he or she could be ordered to purchase the property in accordance with the terms of the contract.
Specific performance as remedy may not be available in other breach of contract actions. If a party to a contract feels they have been wronged by the other party, they should contact an attorney to for a full understanding of the remedies available.
Title insurance provides protection for buyers in a home sales transaction. The insurance policy will usually provide limited coverage for issues such as a transfer of a defective title, or a breach of contract terms by the seller. As with other types of transactions, the risk of fraud exist in title insurance and is often difficult to detect.
Some common title insurance fraud methods include:
- Using fake, misleading, or intentionally deceiving legal documents
- Misrepresentation of professional credentials and licensing
- Overcharging for policy rates
- “Rush deals” – using pressure and coercion to force the person into purchasing a policy
- Absentee deals – many fraudsters target situations wherein true owner of the home is not physically present in the country or is unavailable
- Intentional withholding of title insurance benefits
- Unreasonably low payouts, or refusal to make payouts to the policy holder
Title insurance fraud may result in various legal remedies such as monetary damages against the defendant. Damages are paid to the plaintiff as compensation for losses that directly attributable to fraud.
Criminal charges may result where an insurance broker has engaged in activities such as forgery and mail fraud. If you believe you may have become the victim of insurance fraud, you should contact and attorney to protect your rights
Tax sales take place when there are overdue taxes on real estate. Mississippi tax sales are generally held the last Monday in August with notice by publication. At the tax sale, the the Chancery clerk utilizes an overbid system wherein taxes are auctioned by competitive bid. Successful bidders will pay the taxes due for the real estate. Upon payment of those taxes, a lien is placed on the property for the buyer. A tax lien certificate is issued to the buyer as proof of his claim against the property.
If the the original owner does not redeem the property after two years, the buyer will be given a sales deed making him the record title owner. To redeem the property, the original owner must pay the amount he owed plus any taxes since paid on the property and interest and fees.
At the end of the redemption period, the county Chancery Clerk must send notice to the original owner that the final sale of the property will take place. By statute, the sheriff is required to serve notice on the original property owner. Notice must also be sent by registered or certified mail. Failure to give proper notice could be grounds for invalidating the tax sale.
[1] Miss. Code Ann. § 27-43-3 (Supp. 2009).
