Missouri Documents Online
Homepage ↝ Blank Missouri Real Estate Contract Form
Navigation
↓ Missouri Real Estate Contract File

Consider Common PDFs

Mo Division of Employment Security - Omitting required information may result in processing delays or denial of adjustments.

In the context of establishing a legal framework for decision-making, the California Power of Attorney form is essential, as it outlines the responsibilities and rights of the appointed individual. For those interested in learning more about this pivotal document and how to effectively implement it, resources like https://smarttemplates.net/ provide valuable insights and templates to guide the process.

Missouri Cd 147 - The outcome notification will be communicated to the provider post-review.

Detailed Steps for Filling Out Missouri Real Estate Contract

Filling out the Missouri Real Estate Contract form requires careful attention to detail. This form is essential for documenting the agreement between the buyer and seller regarding the sale of real estate. Here’s how to complete it step by step.

  1. Identify the Parties: Fill in the names of the Seller(s) and Buyer(s) at the top of the form.
  2. Property Description: Clearly describe the property being sold. Include the county, address, and legal description. If necessary, attach an exhibit for detailed information.
  3. List Included Items: Specify any items included in the sale (e.g., appliances, fixtures). Strike through items that the Seller will retain.
  4. Sales Price: Enter the total purchase price and break down the payment structure, including earnest money, new loan, and cash at closing. Ensure both columns equal the same amount.
  5. Financing Details: Indicate if the sale is cash, involves owner financing, or requires a new loan. Fill in the necessary details for each option, including interest rates and terms.
  6. Earnest Money: Specify the amount of earnest money to be deposited and the name of the escrow agent.
  7. Property Condition: Acknowledge that the Buyer accepts the property "as-is." Include any repairs the Seller agrees to make before closing.
  8. Closing Date: Set a closing date and include provisions for potential extensions if needed.
  9. Title and Insurance: Specify how the title will be conveyed (e.g., Warranty Deed) and outline who will pay for title insurance.
  10. Closing Costs: List the closing costs and indicate who will pay for each item. Leave blank if not applicable.
  11. Prorations: State how taxes and other fees will be prorated at closing.
  12. Casualty Loss: Include provisions for what happens if the property is damaged before closing.
  13. Signatures: Ensure all parties sign and date the contract at the end.

Once the form is completed, both parties should review it carefully. Any discrepancies or unclear sections should be addressed before signing. After signing, the contract becomes legally binding, and both parties must adhere to its terms. Be sure to keep a copy for your records.

Misconceptions

Here are nine common misconceptions about the Missouri Real Estate Contract form:

  • It’s only for real estate agents. Many believe that only licensed real estate agents can use this contract. In fact, buyers and sellers can use it without an agent, as long as they understand the terms.
  • All properties are sold "as-is." While the contract states that properties may be sold "as-is," buyers can still negotiate repairs or request inspections before closing.
  • Earnest money is non-refundable. Some think that once earnest money is paid, it cannot be recovered. However, if the contract is terminated under specific conditions, the earnest money can be refunded.
  • Financing is always required. Many people assume that financing is necessary for every transaction. However, cash sales are also allowed and do not require financing contingencies.
  • The seller must disclose all property defects. While sellers are required to disclose certain issues, they are not obligated to reveal every minor defect. Buyers should conduct their own inspections.
  • The contract guarantees a closing date. Some believe that the closing date is set in stone. In reality, it can be extended under various circumstances, such as financing delays.
  • Title insurance is optional. Many think title insurance is not necessary. However, it is highly recommended to protect against any future claims on the property.
  • Buyers can back out of the contract for any reason. Some assume they can cancel the contract at any time. However, there are specific conditions under which a buyer can terminate the agreement.
  • All closing costs are paid by the buyer. It’s a common belief that buyers are responsible for all closing costs. In fact, these costs can be negotiated between the buyer and seller.

Understanding these misconceptions can help buyers and sellers navigate the Missouri Real Estate Contract more effectively. Always consider seeking guidance from a professional if you have questions.

Dos and Don'ts

When filling out the Missouri Real Estate Contract form, there are important guidelines to follow. Here’s a list of things you should and shouldn’t do:

  • Do ensure all property details are accurately filled out to avoid misunderstandings.
  • Do clearly list any items that are included or excluded from the sale.
  • Do double-check the sales price and ensure both columns match.
  • Do understand the financing options and contingencies before signing.
  • Don’t leave any sections blank; incomplete forms can lead to issues later.
  • Don’t ignore deadlines for inspections and financing approvals; they are crucial for your protection.

Similar forms

  • Residential Lease Agreement: Similar to the Missouri Real Estate Contract, a residential lease agreement outlines the terms under which a tenant may occupy a property. Both documents specify details such as the property description, parties involved, and conditions of use. However, a lease agreement typically focuses on rental terms rather than a sale.
  • Purchase Agreement: A general purchase agreement, like the Missouri Real Estate Contract, is used for the sale of property. Both documents contain sections on the purchase price, terms of payment, and contingencies. The primary difference lies in the specifics tailored to real estate transactions in the Missouri form.
  • Option to Purchase Agreement: This document grants a potential buyer the right to purchase a property within a specified time frame. Similar to the Missouri Real Estate Contract, it includes terms of the sale, but it differs in that it does not obligate the buyer to purchase the property unless they choose to exercise the option.
  • Real Estate Listing Agreement: A listing agreement is made between a seller and a real estate agent, detailing the agent's authority to sell the property. While the Missouri Real Estate Contract finalizes a sale, the listing agreement initiates the selling process, establishing terms for representation and commission.
  • Florida Marriage Application Form: This essential document is required for couples looking to get married in Florida, specifying necessary information for obtaining a marriage license, which is valid for only 60 days. For a comprehensive understanding of the requirements, view and download the form.
  • Deed of Trust: This legal document secures a loan on real estate. Like the Missouri Real Estate Contract, it involves the transfer of property rights, but it specifically relates to the financing aspect, outlining the lender's rights in case of default.
  • Closing Disclosure: A closing disclosure provides detailed information about the final terms of a mortgage loan. While the Missouri Real Estate Contract includes financing terms, the closing disclosure focuses on the costs associated with the transaction, ensuring transparency for the buyer and seller at closing.

Document Information

Fact Name Description
Governing Law The Missouri Real Estate Contract form is governed by the laws of the State of Missouri.
Parties Involved The contract involves two main parties: the Seller and the Buyer, who can be individuals or entities.
Property Description The property must be adequately described, including its legal description and address, to ensure clear identification.
Sales Price The contract requires both parties to agree on the total sales price, which must be clearly stated in the document.
Earnest Money Buyers are required to deposit earnest money, demonstrating their commitment to the transaction.
Financing Options Buyers can choose various financing options, including cash sales, owner financing, or obtaining a new loan.
Property Condition The contract includes a clause that addresses the condition of the property, allowing for inspections and repairs.
Closing Procedures The contract outlines the closing process, including the timeline and obligations of both parties to complete the sale.