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.
Required Seller Disclosures in Missouri
Residential real estate purchase agreements typically contain promises and provisions guaranteeing a property’s condition, safety, and/or value. In most states, sellers are required to provide a purchase agreement along with documentation that guarantees the property’s condition. However, Missouri law sets the responsibility on the buyer for determining if there are any issues with the property. This is known as buyer beware or caveat emptor. Missouri law does not require the seller to make any property guarantees unless they know of an issue that could affect the buyer’s health or safety.
Even though Missouri is a “buyer beware state,” Missouri property sellers still have to make a few disclosures to prospective buyers:
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. (§ 442.606)
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.