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Mississippi Code Title 85. Debtor-Creditor Relationship § 85-7-503

Current as of January 01, 2025 | Updated by Findlaw Staff

As used in this article, the following terms have the following meanings:

(a) “Broker” means a real estate broker licensed pursuant to Section 73-35-3(1).

(b) “Broker services” means services for which a license issued by the Mississippi Real Estate Commission is required under Section 73-35-1 et seq.

(c) “Commercial real estate” means any real property or any and every interest or estate in land, including leaseholds, timeshares and condominiums, whether corporeal or incorporeal, freehold or nonfreehold, but excluding oil, gas or mineral leases and any other mineral leasehold, mineral estate or mineral interest of any nature whatsoever, which at the time the property or interest is made the subject of an agreement for broker services:

(i) Is lawfully used primarily for sales, office, research, institutional, warehouse, manufacturing, industrial or mining purposes or for multifamily residential purposes involving five (5) or more dwelling units; or

(ii) May lawfully be used for any of the purposes listed in this paragraph (c) by a duly enacted zoning ordinance or which is the subject of an official application or petition to amend the applicable zoning ordinance to permit any of the uses listed in this paragraph (c) which is under consideration by the government agency with authority to approve the amendment; or

(iii) Is in good faith intended to be immediately used for any of the purposes listed in this paragraph (c) by the parties to any contract, lease, option or offer to make any contract, lease, or option.

(d) “Compensation” means any compensation that is due a broker for performance of broker services.

(e) “Lien claimant” means a broker claiming a lien under this article.

(f) “Owner” means the owner of record of any interest in commercial real estate.

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Cite this article: FindLaw.com - Mississippi Code Title 85. Debtor-Creditor Relationship § 85-7-503 - last updated January 01, 2025 | https://codes.findlaw.com/ms/title-85-debtor-creditor-relationship/ms-code-sect-85-7-503/

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