Free Missouri Real Estate Contract PDF Template

How to Use Missouri Real Estate Contract

Filling out the Missouri Real Estate Contract form is an important step in the process of buying or selling property. This contract outlines the agreement between the seller and buyer, detailing the terms of the sale. Properly completing this form ensures that both parties understand their obligations and rights regarding the transaction.

1. Identify the Parties: Begin by filling in the names of the seller(s) and buyer(s) at the top of the form. Make sure to indicate whether there are multiple sellers or buyers.
2. Property Description: Clearly describe the property being sold. Include the county, address, and legal description. Attach any additional exhibits if necessary.
3. List Included Items: Specify any items included in the sale, such as appliances or fixtures. Cross out any items that will not be included in the sale.
4. Sales Price: Fill in the agreed-upon purchase price and break down the payment structure, including earnest money, new loan amounts, and cash at closing. Ensure both columns equal the total amount.
5. Financing Details: Indicate whether the sale is a cash sale or contingent on financing. If financing is involved, provide details about the type of loan and any seller financing terms.
6. Earnest Money: Specify the amount of earnest money to be deposited and the party responsible for holding it.
7. Property Condition: Acknowledge the condition of the property, including any necessary inspections or repairs. Note if the lead-based paint disclosure is applicable.
8. Closing Date: Set a closing date for the transaction, allowing for extensions if necessary due to financing or title issues.
9. Title and Insurance: Specify how the title will be conveyed and the type of title insurance to be provided.
10. Closing Costs: Outline who will pay for various closing costs, including attorney fees, title insurance, and any inspections.
11. Prorations: Indicate how taxes and other fees will be prorated at closing.
12. Casualty Loss: Include provisions for how to handle any damage to the property before closing.
13. Earnest Money Deposits: Detail the handling of earnest money and any additional deposits required.
14. Defaults and Remedies: Explain what constitutes a default and the remedies available to the non-defaulting party.
15. Signatures: Ensure both parties sign and date the contract to make it legally binding.

Once the form is completed, both parties should review the document carefully to ensure all information is accurate and complete. After signing, the next steps typically involve the earnest money deposit and any necessary inspections or financing arrangements.

• Understand the Agreement: The Missouri Real Estate Contract is a formal agreement between the Seller and Buyer, detailing the sale and purchase of a specific property. Make sure to fill in all property details accurately to avoid confusion.
• Sales Price Clarity: Clearly state the total sales price and ensure that the amounts in the purchase price and other financial columns match. This includes earnest money, new loans, and cash at closing.
• Financing Conditions: Be aware of the financing terms. If the contract is contingent on financing, the Buyer must apply for it within a specified time frame. Failure to secure financing can lead to contract termination.
• Property Condition Acknowledgment: The Buyer accepts the property "as-is." It's crucial for Buyers to conduct inspections and be aware that they cannot hold the Seller responsible for existing conditions unless otherwise noted.
• Closing Date Flexibility: The closing date is set but can be extended if certain conditions, such as financing approvals or title issues, arise. Both parties should be prepared for potential delays.
• Title Insurance Importance: The Seller must provide a title insurance commitment to the Buyer. This document ensures that the Buyer receives a marketable title, free from defects, at closing.
• Closing Costs and Prorations: Understand who is responsible for various closing costs. These can include attorney fees, title insurance, and taxes, which may be prorated at closing.
• Handling Casualty Loss: If the property suffers damage after the contract's effective date, the Seller is responsible for restoring it. Buyers have options regarding how to proceed if repairs are not completed.
• Earnest Money Procedures: Earnest money must be deposited promptly after the contract is accepted. Know the conditions under which this money may be refunded or forfeited.