Real estate buyer's agent agreements; authorize showing of certain real property to prospective buyers without such agreement., the official text

MISSISSIPPI LEGISLATURE

2026 Regular Session

To: Business and Financial Institutions

By: Senator(s) Johnson, Norwood

Senate Bill 2713

(As Sent to Governor)

AN ACT TO AUTHORIZE A CONSUMER WHO IS A SELLER OR BUYER TO
MAKE AN AFFIRMATIVE ELECTION OF A SPECIFIC TYPE OF BROKERAGE SERVICE THAT IS
AVAILABLE FROM A REAL ESTATE COMPANY BY SIGNING A BROKERAGE AGREEMENT UNDER THE
PROVISIONS OF CHAPTER 35, TITLE 73, MISSISSIPPI CODE OF 1972; TO REQUIRE SUCH
AGREEMENT TO CONTAIN A STATEMENT OF THE TERMS AND CONDITIONS OF THE BROKERAGE
SERVICES THAT THE COMPANY WILL PROVIDE AND INFORMATION ON HOW THE COMPANY AND
LICENSEES WILL BE COMPENSATED FOR THE BROKERAGE SERVICES TO BE PROVIDED; TO
PROVIDE THAT A LICENSEE SHALL NOT BE REQUIRED TO ENTER INTO A BROKERAGE
AGREEMENT WITH A CUSTOMER WHO IS A PROSPECTIVE BUYER IN ORDER FOR A LICENSEE TO
PROVIDE A TOUR OF A PROPERTY TO THAT PROSPECTIVE BUYER; TO SET FORTH WHEN A
WRITTEN BROKERAGE AGREEMENT SHALL AND SHALL NOT BE REQUIRED; TO IDENTIFY TYPES
OF REAL PROPERTY TO WHICH THE PRECEDING PROVISIONS APPLY AND TO EXCLUDE CERTAIN
TRANSFERS FROM SUCH PROVISIONS; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1.
(1)  In addition to agency disclosures to sellers and buyers required by the
Mississippi Real Estate Commission, a consumer who is a seller or buyer may
make an affirmative election of a specific type of brokerage service that is available
from a real estate company by signing a brokerage agreement.  The brokerage
agreement shall contain a statement of the terms and conditions of the
brokerage services that the company will provide and information on how the
company and licensees will be compensated for the brokerage services to be
provided.  A licensee shall not be required to enter into a brokerage agreement
with a customer who is a prospective buyer in order for a licensee to provide a
tour of a property to that prospective buyer.  A written brokerage agreement
shall be required prior to a licensee either listing for sale or submitting an
offer on a property on behalf of a client or customer for compensation.  A
buyer brokerage agreement shall not be required of a seller's agent conducting
an open house as to prospective buyers, or as to a buyer customer for whom a
seller's agent presents an offer on a property acting solely for the seller
without receiving compensation from the buyer.

(2)  (a)  Subsection (1) of
this section shall apply only with respect to real property on which a dwelling
unit is located, or a 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 transfer is done by, or with the aid of, a duly licensed real
estate broker or salesperson.

(b)  The provisions of
this section shall not apply to any of the following:

(i)  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;

(ii)  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;

(iii)  Transfers by
a fiduciary in the course of the administration of a decedent's estate,
guardianship, conservatorship or trust;

(iv)  Transfers
from one co-owner to one or more other co-owners;

(v)  Transfers made
to a spouse, or to a person or persons in the lineal line of consanguinity of
one or more of the transferors;

(vi)  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;

(vii)  Transfers or
exchanges to or from any governmental entity; or

(viii)  Transfers
of real property on which no dwelling is located.

SECTION 2.  Section 1
of this act shall be codified within Chapter 35, Title 73, Mississippi Code of
1972.

SECTION 3.  This act
shall take effect and be in force from and after July 1, 2026.