What is a Missouri Real Estate Contract?
A Missouri real estate contract, often referred to as a residential purchase and sale agreement, is a legally binding contract that is executed between a buyer and seller for the purpose of transferring the ownership of real estate.
A real estate contract is usually drafted by the buyer’s realtor after the buyer makes an offer on a property. If the seller accepts the offer, the parties will negotiate the terms of the contract to move forward with the sale. The contract becomes legally binding and enforceable once it is signed by all parties.
A real estate contract must include specific details about the transaction to ensure that the sale runs smoothly and the interests of both the buyer and the seller are protected. Most real estate contracts include the following information:
- Agreed upon purchase price
- Legal description of the property
- Contingencies to be met by both parties
- Deadlines and closing date
- Which party is responsible for certain fees like closing costs
Common Missouri Real Estate Contracts
The most commonly used Missouri real estate contract is the Missouri Association of Realtors Purchase Agreement. This contract template is used for the sale of residential real estate and is approved for the use by realtors who are members of the Missouri REALTORS.
Other types of real estate contracts you may use in Missouri include:
- Commercial real estate contract . Used when buying or selling property zoned for operating a business like a store or an office building.
- Real estate assignment contract. Used when purchasing investment properties that may need repairs. This agreement allows the buyer to assign the contract to a second buyer.
- Lease agreement. Also called a rental agreement, this contract is used when a property owner wants to rent their property to a tenant.
4 Essential Elements of a Missouri Real Estate Contract
The four essential elements of a Missouri real estate contract include:
- A valid offer made by a buyer for purchase of the property
- Acceptance of the offer by the seller
- Consideration, which in real estate contracts is usually the exchange of money for the property
- A legal purpose meaning that the contract cannot violate any laws or encourage parties to violate laws
Under the Missouri Statute of Frauds, all real estate contracts are also required to be in writing. A verbal contract for the sale of real estate will not be upheld or enforced by a court.
Is Missouri a Buyer Beware State in Real Estate?
Missouri is considered a "caveat emptor" state, which means that the state adheres to the principle of "buyer beware" in real estate transactions. This means that the buyer is responsible for researching and investigating the property and any potential issues with it before making a purchase.
Unlike many other states which require sellers to provide property disclosures with a real estate contract, in Missouri the seller is not required to disclose certain information about the property like known defects. Even though it isn’t required, a seller can opt to provide disclosures to ease a buyer’s concerns which usually helps move the sale along.
The only exception to the buyer beware law is found in Chapter 442 of Missouri state statutes which requires sellers to inform buyers if the property was ever used for the production of methamphetamine.
Can a Buyer Back Out of a Real Estate Contract in Missouri?
Yes. In Missouri, a buyer can back out of a real estate contract under certain conditions, like if the buyer is unable to obtain financing or insurance. Many real estate contracts will include contingencies that allow the buyer to back out of the contract if certain conditions are not met, like a satisfactory home inspection and appraisal.
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Meet some of our Missouri Real Estate Contract Lawyers
Mark P.
www.parachinilaw.com I represent a diverse mix in a vast array of specialties, including litigation, contracts, compliance, business and financial strategies, and emerging industries. Credit for this foundation of strength goes to those who taught me. Skilled professors and professionals fostered my powerful educational and professional background. Prior to law school, I earned dual Bachelor’s degrees in Business Administration & Accounting from Peru State College. I received a Master of Business Administration degree from Chadron State College. My ambitions did not stop there. While working full time as a Senior Accountant for the University of Missouri, Columbia, I achieved the lifelong goal of becoming a licensed Certified Public Accountant (CPA). Mizzo provided excellent opportunities and amazing experiences. Managing over $50M in government and private research funding was a gift. As a high ranking professional in the Department of Research, I was given priceless insight into the greatest scientific, journalistic, medical, and legal minds in the world. My passion for successful growth did not, and has not stopped. I graduated summa cum laude (top 3%) with a Doctorate in Law, emphasizing in urban, land use and environmental/toxic tort law from the University of Missouri, Kansas City. This success lead to invaluable experiences of serving as Hon. Brian C. Wimes' judicial clerk for the U.S. District Court for the W. D. of Missouri, as a staff editor/writer for UMKC Law Review, and as a litigation and transactional attorney with Lathrop GPM (fka Lathrop & Gage). My professional and personal network is expansive, with established relationships throughout the U.S. and overseas. Although I engage in legal practice all over the country, I maintain law licenses in Missouri, Kansas, and Nebraska. Federally, I hold licenses in the W.D. and E.D. of Missouri and the District of Nebraska. To offer extra value, efficiency, and options, I maintain a CPA license and am obtaining a real-estate brokerage license.
Rachel C.
Contract attorney who enjoys empowering individuals and businesses with contracts that stand as a fortress against potential disputes and uncertainties. Find peace of mind with prepared agreements ensure that your agreements are enforceable and aligned with your long-term objectives.
August 16, 2022
John C.
Licensed to practice law in the states of Missouri and Kansas. Have been licensed to practice law for 44 years. Have been AV rated by Martindale Hubbel for almost 30 years.
June 6, 2023
William W.
My name is Will, and I'm the Principal Attorney at Accelerate Law STL, a startup attorney who helps entrepreneurs and small businesses with everything from formation to IPO. Whether your small to mid-sized business needs help drafting or reviewing contracts, securing intellectual property, complying with government regulations, or even streamlining your business' internal policies, I'm prepared to help.
August 2, 2023
Scott M.
Skilled/versatile attorney (and RE broker) with 10+ years' experience and diverse background in real estate, business law, injury litigation, estate planning. Select Experience: • Former General Counsel (and current Of Counsel) for a prominent real estate developer touching on all aspects of business in a hands-on and advisory role, including Lease and PSA contract negotiations; • Years of successful injury litigation practice as associate and solo (primarily plaintiff, some defense) with multiple six-figure settlements; • Years of expertise in business law for a variety of industries as well as estate planning for small to mid-size entities.
July 26, 2023
Michael S.
Born and raised in St. Louis, MO. Bachelors Degree from the University of Iowa. Masters Degree from the University of Melbourne. J.D. from the University of Kansas. Licensed to practice law in Missouri and Kansas. Tennessee currently pending.
September 6, 2023
Andre T.
Commercial Litigation attorney providing advice and counsel to management regarding employment related matters and risk management issues
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Browse Lawyers NowReal Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
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ContractsCounsel User
Real Estate Purchase Agreement
Location: Pennsylvania
Turnaround: Less than a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 2
Bid Range: $1,000 - $1,500
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