Missouri · RSMoMissouri real estate closing laws: a checklist for transaction coordinators

Missouri has no single closing code; the rules come from several chapters of the Revised Statutes. In the order a transaction meets them: brokerage – a licensee is a transaction broker unless there's a written agency agreement, and earnest money goes promptly into a separate escrow account (RSMo 339.105, 339.720). Disclosures – a seller who has received a report of radioactive or hazardous contamination, or who knew of meth production, must disclose it in writing, while a death or crime on the property is not a material fact (442.055, 442.606, 442.600). Condominiums – the seller gives a resale certificate the association must supply within 10 days, and the buyer may void the contract until five days after receiving it (448.4-109). Money – a settlement agent can't accept more than $2,500 from a buyer, seller or non-bank lender except as certified funds (381.412). Documents – the deed states each signer's marital status and meets the recorder's format, including a three-inch top margin (442.130, 59.310); a power of attorney used to sign must be acknowledged and recorded like the deed (442.360). New and renovated homes sold by the owner who improved them – a recorded notice of intended sale makes contractors record a notice of rights five days before closing or lose their liens (429.016). After closing – the lender must submit a release within 45 days after a proper demand or face a penalty (443.130). Two special cases: a recorded beneficiary deed passes the home at death without probate (chapter 461), and sales of agricultural land of more than five acres go to the Department of Agriculture for review only if the buyer hasn't signed an IRS Form W-9 (442.571).