The Missouri residential real estate purchase agreement (“contract for the sale of real estate”) is used to present a buyer’s offer to purchase residential property from a seller. The written agreement includes a description of how the buyer will pay for the property and when the offer will expire.
During this period, the seller may present a counteroffer and the purchaser may have the property professionally inspected. Once the agreement has been signed by both parties, it becomes legally binding.
Do Sellers in Missouri Have to Disclose Property Defects?
Missouri does not require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Missouri
Although with any material defects with the property, sellers in Missouri will also need to provide the following:
- Seller’s Disclosure Statement for Residential Property. There is no statute that compels the seller of a residence to provide this disclosure statement. On the other hand, the seller’s agent is required to disclose any known adverse material facts and most prospective buyers will demand that this form be executed before signing a sales contract. Other than reporting these material facts and the general condition of the dwelling, the following required disclosures are also included within the content of the form.
- Condominium Cost Development.Although this is incorporated within the abovementioned disclosure statement, the Missouri Realtors also offer a separate disclosure rider that is a little more in-depth.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
- Methamphetamine Disclosure. If the property was previously used for the production of methamphetamines the seller is required to disclose it. The disclosure is only required when the seller has knowledge of meth production on the property. Sellers are not required to search for police records.
- Waste Disposal Site or Demolition Landfill. This document must be executed and delivered to the purchaser if the real estate being sold was ever used as a site for solid waste disposal or demolition landfill.
- Show Me State Disclosure. If the seller is required to disclose whether the property was the site of the endangerment of a child through physical injury.
