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H. “First Substantive Meeting”

Posted04/24/2021
Updated08/15/2022
ByLeslie Clauson
  1. First Substantive Meeting” shall be:
  • In a real estate transaction in which the Broker is the agent for the seller, first substantive meeting shall be before or just immediately prior to the first of any of the following:
  • Showing the property to a prospective buyer.
  • Eliciting confidential information from a buyer concerning the buyers’ real estate needs, motivation, or financial qualifications.
  • The execution of any agreements governed by Section 73-35-3 of the Mississippi Code of 1972 Annotated.
  • For the seller’s agent, the definition shall not include:
  • A bona fide “open house” or model home showing which encompasses (1)(a) above only; however, whenever an event described in (1)(b) or (1)(c) occurs, disclosure must be made.
  • Preliminary conversations or “small talk” concerning price range, location and property styles.
    • Responding to general factual questions from a prospective buyer concerning properties that have been advertised for sale or lease.
  • In a real estate transaction in which the Broker is the agent for the buyer, first substantive meeting shall be at the initial contact with a seller or a seller’s agent or before or just immediately prior to the first of any of the following:
  • Showing the property of a seller to a represented buyer.
  • Eliciting any confidential information from a seller concerning their real estate needs, motivation, or financial qualifications.
  • The execution of any agreements governed by Section 73-35-3 of the MS Code.
  • For the buyer’s agent, the definition shall not include:
  • A bona fide “open House” or model home showing which encompasses (3)(a) above only; however, whenever an event described in (3)(b) or (3)(c) occurs, disclosure must be made.
  • Preliminary conversations or “small talk” concerning price range, location and property styles.
  • Responding to general factual questions from a prospective buyer concerning properties that have been advertised for sale or lease.
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