Bill Text: MS HB1377 | 2019 | Regular Session | Introduced
Bill Title: Real estate transaction inspection; require purchaser of real estate to contract with termite licensee to complete transaction for real estate closing purposes.
Sponsorship: Partisan Bill (Republican 1)
Status: (Failed) 2019-02-05 - Died In Committee [HB1377 Detail]
Download: Mississippi-2019-HB1377-Introduced.html
MISSISSIPPI LEGISLATURE
2019 Regular Session
To: Judiciary A
By: Representative Hopkins
House Bill 1377
AN ACT TO DEFINE THE TERM "REAL ESTATE TRANSACTION INSPECTION"; TO REQUIRE THE PURCHASER OF THE REAL ESTATE IN A REAL ESTATE TRANSACTION TO CONTRACT WITH THE WOOD-DESTROYING INSECT CONTROL LICENSEE TO PERFORM ANY REQUIRED REAL ESTATE TRANSACTION INSPECTION; TO REQUIRE THE LICENSEE TO PROVIDE THE PURCHASER WITH THE WOOD-DESTROYING INSECT CONTROL REPORT FOR THE PURPOSE OF PROVIDING IT TO THE LENDER DURING THE REAL ESTATE CLOSING; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) For the purpose of this section, the term "real estate transaction inspection" means an inspection, which is typically required as a condition of the sale, financing or refinancing of property, of an existing structure for determining factors relating to termites and other wood-destroying insects.
(2) The purchaser of the real estate in a real estate transaction shall contract with the wood-destroying insect control licensee to perform any required real estate transaction inspection.
Upon completion of the inspection, the licensee shall provide the wood-destroying insect control report to the purchaser of the real estate for the purpose of providing the report to the lender during the real estate closing.
SECTION 2. This act shall take effect and be in force from and after July 1, 2019.
