A Missouri residential purchase agreement is a legally binding contract for transferring residential property ownership. It outlines key terms, including purchase price, included items, closing date, and prerequisites. Both parties must sign to certify the terms.
The agreement becomes binding upon the seller’s acceptance, requiring the buyer to pay an earnest money deposit and meet contingencies before closing. Missouri law mandates sellers to disclose property conditions and hazardous materials before finalizing the sale.
State Laws
- Buyer Beware: In Missouri, a “caveat emptor” state, sellers aren’t required to disclose property defects or damages. However, they must inform buyers if the property was used for methamphetamine production. [1]
- Missouri Merchandising Practices Act: Sellers must not withhold information in trade or commerce, including real estate transfers. Therefore, it is highly recommended that sellers fully disclose the property’s condition and be transparent with potential buyers. [2]
- Landfills: Property owners transferring a site with a landfill must notify the buyer early about its location. If the landfill is unauthorized, the buyer must be informed of potential liability for state-imposed remedial actions. [3]
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law requires sellers to inform buyers about any known lead paint hazards in homes built before 1978 (42 U.S. Code § 4852d).
Seller Property Disclosure Statement
Real estate sellers are not obligated to disclose property conditions, but offering a disclosure statement can help reassure potential buyers.
Do Sellers in Missouri Have to Disclose Property Defects?
No, In Missouri, sellers are not required to disclose material defects. However, they may be liable for damages or transaction reversal if they actively conceal latent defects or commit fraud. In “caveat emptor” states, buyers must inspect properties, as failure to do so leaves them without legal recourse.
