The purchase agreement is a legal document used to outline the terms and conditions of the property transfer. The main parties to the purchase agreement are the seller and the buyer.
The parties mostly use the purchase agreement for complex property transfers or for transfers of items with a purchase price higher than $500.
The purchase agreement itself doesn’t transfer any legal rights between the seller and buyer. However, the parties use it as a document where they will determine the conditions of the sale and purchase and prevent potential misunderstandings and disputes.
Missouri Purchase and Sale Agreement Form
The Missouri purchase and sale agreement usually includes information about the seller and the buyer, details about the property, the purchase price, details about the financing, contingencies, and other terms and conditions related to the property transfer.
The Missouri purchase agreement is also known as:
Other Names for Missouri Purchase and Sale Agreement Form
Missouri purchase and sale agreement
Missouri sale and purchase agreement
Missouri sale and purchase contract
Missouri purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Missouri.
Purchase Agreement Missouri Laws & Requirements
Missouri is one of the “caveat emptor” or “buyer beware” states. This means that the seller is not required to make any disclosures about defects and damages to the property unless the defect will affect the buyer’s health and safety.
Therefore, there are a few disclosures that the seller of the property in Missouri must include in the purchase agreement.
Purchase Agreement Required Disclosures in Missouri
Here, you can find the list of disclosures the seller must include in the purchase agreement template or attach to it:
Lead-Based Paint Disclosure: According to federal law (42 U.S. Code § 4852d), every seller is obligated to inform the buyer about the lead-based paint hazard at the property. This is mandatory for any property built before 1978 or if there is a known lead-based paint hazard at the property.
Methamphetamine Disclosure: The seller must inform the buyer if the property was ever used for the production of methamphetamine. (§ 442.606)
Common Types of Purchase Agreements in Missouri
This section provides all the types of purchase agreements used in Missouri.
Variety of Purchase Agreement
Residential real estate purchase agreement. Parties use it to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Used for the sale and purchase of office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. You can use it for transferring the ownership of a car, motorcycle, truck, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Parties use it to provide terms for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Missouri.
Stock purchase agreement. This type of purchase agreement form is used for selling stocks in companies.
Purchase Agreement in Missouri FAQ
Yes, the Missouri purchase agreement is a legally binding document. It becomes legally binding the moment both the seller and buyer sign it.
Yes, a Missouri sales agreement needs to state the purchase price since it is one of the essential elements of every purchase agreement.
No, purchase and sales agreements in Missouri don’t need to be notarized. This is due to the fact that the parties are not transferring any legal rights by signing the Missouri purchase and sale agreement.
A seller can back out of a purchase agreement in Missouri without consequences only when the buyer fails to meet the contingencies set out in the document. In other cases, the seller must compensate the damages caused to the buyer for backing out of the agreement.