If you are new to Missouri, you might not know about the law related to purchasing real estate. When it comes to real estate investing, a Missouri real estate contract plays a vital role. As an investor, you’ll be required to agree and sign the agreement before striking any deal.
As a legally binding agreement, it outlines all the terms agreed upon during negotiation. Just like other agreements, several requirements must be met for it to become valid.
What’s a Missouri Real Estate Contract?
A Missouri real estate contract for sale by the owner is an agreement signed between the buyer and seller. It must contain the terms of the offer, the deposit, the amount offered, methods of financing and the closing date. Plus, if there are any physical properties, appliances or furniture the seller wants to include, they should be listed in Missouri real estate sales contract.
Once both parties agree, they will put their signatures to complete the deal. To complete the agreement, the seller must first outline how the transaction will be done by stipulating certain aspects. During the real estate contract period, the buyer may have the property inspected, and the seller may present a counteroffer.
What’s included in a Missouri Real Estate Form
Given the complexity of real estate laws and the number of issues that can arise, buyers and sellers in Missouri are likely to become party to litigation after participating in real estate transactions.
It’s crucial to know what should be included in a Missouri real estate form purchase agreement. Given that every transaction is different, not all real estate agreements will be the same. However, here are the things included in a Missouri residential sales contract.
- Buyer and seller information: This includes the name, address, and signature of the seller and the buyer. This must be filled in a simple real estate purchase agreement.
- Property details: This is the description of the property, including the address and location.
- Pricing and financing: This is the price of the property and the form of financing.
- Fixtures and appliances: These are things such as kitchen appliances, electric appliances, repairs to be done.
- Earnest money: This is the first deposit that the seller makes as a form of commitment. This money shows that the buyer is serious about the real estate sales contract in Missouri.
- Closing costs and responsible: This outlines the amount paid after closing the deal. This may include inspection and appraisal fee, agent commission, lender’s fee, taxes, and insurance.
- Conditions: Terms under which the agreement can be stopped.
- Contingencies: Certain conditions the contract must meet before it can be finalized.
How to Fill a Real Estate Contract in Missouri
Forget about scanning and printing out forms. You can always fill Missouri real estate contract online, using CocoDoc’s free Missouri real estate forms. Here is a step-by-step procedure to help you fill a residential real estate contract in Missouri with accuracy
- Tap on GET FORM:
Start with downloading the form by tapping on GET FORM.
- Enter the Names:
Enter the name of both parties with the address.
- Details of Property:
Define the legal characteristics of the property.
- Details of Fixtures:
Provide details of the fixtures or any tangible properties added to the real estate property. Also, mention any fixtures the seller will remove.
- Mention the earnest money:
This section will provide details about the earnest money requested and deposited by the buyer.
- Final Prices
The applicant will enter the final price of the property decided by both parties here.
- Termination clauses:
State scenarios that might lead to the termination of the contract.
- Finance Details
Any details regarding payment of house loans and finance will be described here.
- Sign the contract and finalize it:
Once the contract is complete and verified by both parties, then signatures are put down for verification.
Even if you are not an expert, you need to understand the contractual aspects of Missouri real estate contracts. Once you have this guide thoroughly, you now have enough knowledge about the Missouri real estate contract. All you must do is download the form by tapping on “GET FORM” and fill it using the steps mentioned above.