Missouri Real Estate Disclosure Laws
- A home is a major purchase.home sweet home image by David Dorner from Fotolia.com
A home is a major investment for most buyers. When you purchase a home, make sure it is one that will not cause a lot of problems or cost you extra money once you have purchased it. Also make sure that your family will be safe in the home and that it is represented properly. If the home has been misrepresented, you may lose money when you try to sell it. Missouri has stringent real estate disclosure laws to protect buyers when they purchase homes. - It is important to note that your real estate agent is not necessarily your advocate. To cite Missouri code, a seller's agent owes no duty to a buyer except to disclose adverse material facts that he knows about. He does not have to inspect the property or verify any statements made by an inspector or seller. This means that the real estate agent must disclose any or all information that is known to him, or which he should have known, but he has no responsibility to look for adverse information and inform you of it.
- Real estate licensees who are acting as agents for a landlord are also prohibited by law from revealing confidential information about their clients to prospective customers. For example, if you are going to purchase a home that is owned by someone who has been convicted of real estate fraud, the real estate agent is not allowed to tell you this. You may want to do some research of your own to make sure you are purchasing or renting from a reputable party.
- The duties and obligations of a real estate agent with regards to disclosure are limited to exercising reasonable care and diligence during the real estate transaction and to acting with the "utmost skill and good faith." This is a good system, but you may still encounter an unscrupulous person. Therefore, it is best to get a second opinion in all real estate dealings.
