4 Surprising Facts about Missouri Real Estate
Whether you’re buying or selling home, these are five things you should probably know about the real estate market in Missouri. Some of these truly blew my mind when I first learned about them. For instance… if your home was the site of a murder, the seller is not required to tell you! If you believe in ghosts, that might be a deal breaker. Okay! Let’s dive in to my top four favorite surprising facts about Missouri real estate.
1. Missouri is a Non-Disclosure State
This means that the price a home sells for is not public knowledge. This is where your trusted Realtor® comes in. Our MLS data is the one place where a sold price can be found if the home was listed on the MLS. Appraisers use this same data when completing an appraisal for the buyer’s lender. So while consumer-facing sites have their estimates of a home’s value, they truly do not know what that home sold for. What they do know is what the home was listed for and how long it stayed on the market.
2. Missouri is a Dual-Property State
This means that when a divorce occurs the spouse is entitled to a fair share of marital property. This commonly includes the marital home, car, savings, retirement account, business interests and valuable household items. When the couple divorcing cannot agree to terms of dividing assets, the judge will attempt to divide marital assets as fairly as possible. This can become quite challenging when the two parties are not amicable and are trying to sell their marital home to split the assets.
3. Closing Protection Letter
In August of 2016 the Closing Protection Letter bill became Missouri Law. The CPL protects you for acts of theft of settlement funds or fraud. This $25 fee is required at every real estate closing in Missouri to guarantee the title company complies with the written closing instructions such as paying off a mortgage or transferring the funds to the seller.
4. Seller Disclosures
When listing your home with a Realtor® you will be asked to fill out the Seller’s Disclosures Form. This lovely 6-page document is like taking a test on your home. As the homeowner, you know the most about your property such as repairs, non-working items, upgrades, etc. It’s always encouraged to fill out as much as you truthfully can as a guide for future buyers and their agents to make them aware of any material defects to the property. These disclosures do not replace the need for a buyer to have their home inspection but rather serve as a guide.
In Missouri, there are four mandated disclosures such as the presence of lead based paint, methamphetamine, radioactive material and if the home was built over a waste disposal site. However in Missouri it is not required to disclose “psychological impacts” on the property. This includes whether prior occupants had diseases that are unlikely to be transmitted via later occupancy or whether the home was the site of a murder, felony or suicide.
