Creates provisions relating to real estate transactions

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Official Summary Text

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House Committee Substitute

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HCS/SS/SCS/SB 973 - The act creates provisions relating to real estate transactions.

THE USE OF PROPERTY FOR EDUCATIONAL PURPOSES BY CHARTER PUBLIC SCHOOLS (Section 160.421)
The act provides that a political subdivision shall not adopt or enforce an ordinance, policy, or any deed or property-use restriction that prohibits property sold, leased, or transferred by the political subdivision from being used by a charter public school for any lawful educational purpose. Any deed restriction or property-use restriction that allows only for one or more specified uses or purposes that do not include any educational use or purpose by a charter public school is prohibited. Any deed or property-use restriction in effect on the effective date of the act that prohibits or does not permit property previously used for any education purpose from being used for any future educational purpose by a charter public school is void. Any ordinance, policy, deed, use restriction, or contract made in violation of this provision shall be void from its inception.

RIGHT OR FIRST REFUSAL (Section 162.092)
If a school district offers to purchase or lease an unused facility to a party, other than a public entity, the contract shall include a provision that makes the purchase or lease subject to the right of first refusal by a public entity.

If the offer to purchase or lease is accepted, the school district selling or leasing the unused facility shall provide a public notice on its website, as described in the act.

If two or more public entities notify the offering school district indicating an interest in the unused facility to lease or purchase, the offering school district shall make the final selection of the purchaser or lessee.

In right of first refusal negotiations and lease requirements are described in the act.

The public entity shall have 6 months after the date of making a written offer to complete the purchase or lease of the unused facility for a price negotiated with the school district.

During the term of lease, the public entity shall be responsible for direct expenses related to the facility or any part of the facility leased.

If a public entity plans to sell an unused facility that it has purchased, it shall first offer the facility to the school district from which it was purchased. Such offer shall be governed by these provisions.

DISCLOSURES BY REAL ESTATE WHOLESALERS (Section 407.3600)
Under the act, not less than fourteen calendar days before entering into a contract that transfers an interest in residential real property, a wholesaler, as defined in the act, acting as a grantee or a wholesaler's representative, shall provide to the property owner a written disclosure. Requirements for the disclosure are described in the act.

A wholesaler acting as a grantee shall not enter into a contract that transfers an interest in residential property until both the wholesaler and the property owner sign and date the disclosure.

If the wholesaler acting as the grantee fails to make the disclosure before entering into the contract that transfers interest in the property, the owner of the property may cancel the contract at any time before the close of the escrow without penalty and the escrow agent shall disburse any earnest money paid by the wholesaler to the owner within 30 days after the cancellation.

Provisions of the act shall not be modified or waived by any agreement. Any portion of an agreement executed, modified, or extended after the effective date of the act that modifies or waives provisions of the act shall be null and void.

Any violation of the act shall be considered an unlawful practice under the Missouri Merchandising Practices Act. A party that enters into an agreement without receiving the disclosure under the act may bring a private action against a wholesaler.

The Attorney General shall have the authority to enforce the provisions of the act. For any violations, the Attorney General may commence a civil action. If the court finds that a violation occurred, the court may grant relief as described in the act.

SALE LEASEBACKS (Section 442.920)
This act creates the "Missouri Residential Sale Leaseback Protection Act", which regulates sale leasebacks. A sale leaseback is defined as a transaction or series of transactions in which a seller sells residential real estate that is or was the seller's residence to another party and, as a condition of the sale, or as part of the same or a related transaction, enters into a lease or rental agreement to remain in or re-occupy the property.

In any sale leaseback transaction, a buyer is required to provide the seller with certain disclosures, described in detail in the act, alerting the seller of the nature of the transaction and advising them of certain actions they may wish to take. The disclosure must be provided to the seller not less than 14 calendar days prior to the execution of any sale leaseback agreement, and the disclosure shall be signed by both the seller and the buyer concurrently with the execution of the sale leaseback agreement. A copy of the signed disclosure shall be provided to the seller within 5 days of the execution of the sale leaseback agreement.

There shall be no delivery, recording, or other transfer of title from seller to buyer until 30 days after the execution of any sale leaseback agreement.

Violation of this act is subject to a civil penalty not to exceed $10,000 per violation. The Attorney General may bring an action to enforce the provisions of the act. Any seller harmed by a violation of the act may bring a civil action. Relief is described in the act.

These provisions may not be waived or modified by agreement of any party.

This provision is similar to SB 1684 (2026).

The act has a severability clause.
JULIA SHEVELEVA

Perfected

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SS/SCS/SB 973 - The act creates provisions relating to certain disclosures for real estate transactions.

DISCLOSURES BY REAL ESTATE WHOLESALERS (Section 407.3600)
Under the act, not less than fourteen calendar days before entering into a contract that transfers an interest in residential real property, a wholesaler, as defined in the act, acting as a grantee or a wholesaler's representative, shall provide to the property owner a written disclosure. Requirements for the disclosure are described in the act.

A wholesaler acting as a grantee shall not enter into a contract that transfers an interest in residential property until both the wholesaler and the property owner sign and date the disclosure.

If the wholesaler acting as the grantee fails to make the disclosure before entering into the contract that transfers interest in the property, the owner of the property may cancel the contract before the close of the escrow without penalty and the escrow agent shall disburse any earnest money paid by the wholesaler to the owner within 30 days after the cancellation.

Provisions of the act shall not be modified or waived by any agreement. Any portion of an agreement executed, modified, or extended after the effective date of the act that modifies or waives provisions of the act shall be null and void.

Any violation of the act shall be considered an unlawful practice under the Missouri Merchandising Practices Act. A party that enters into an agreement without receiving the disclosure under the act may bring a private action against a wholesaler.

The Attorney General shall have the authority to enforce the provisions of the act. For any violations, the Attorney General may commence a civil action. If the court finds that a violation occurred, the court may grant relief as described in the act.

SALE LEASEBACKS (Section 442.920)
This act creates the "Missouri Residential Sale Leaseback Protection Act", which regulates sale leasebacks. A sale leaseback is defined as a transaction or series of transactions in which a seller sells residential real estate that is or was the seller's residence to another party and, as a condition of the sale, or as part of the same or a related transaction, enters into a lease or rental agreement to remain in or re-occupy the property.

In any sale leaseback transaction, a buyer is required to provide the seller with certain disclosures, described in detail in the act, alerting the seller of the nature of the transaction and advising them of certain actions they may wish to take. The disclosure must be provided to the seller not less than 14 calendar days prior to the execution of any sale leaseback agreement, and the disclosure shall be signed by both the seller and the buyer concurrently with the execution of the sale leaseback agreement.

There shall be no delivery, recording, or other transfer of title from seller to buyer until 30 days after the execution of any sale leaseback agreement.

Violation of this act is subject to a civil penalty not to exceed $10,000 per violation. The Attorney General may bring an action to enforce the provisions of the act. Any seller harmed by a violation of the act may bring a civil action. Relief is described in the act.

These provisions may not be waived or modified by agreement of any party.

This provision is similar to SB 1684 (2026).

The act has a severability clause.
JULIA SHEVELEVA

Senate Substitute

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SS/SCS/SB 973 - Under the act, not less than fourteen calendar days before entering into a contract that transfers an interest in residential real property, a wholesaler, as defined in the act, acting as a grantee or a wholesaler's representative, shall provide to the property owner a written disclosure. Requirements for the disclosure are described in the act.

A wholesaler acting as a grantee shall not enter into a contract that transfers an interest in residential property until both the wholesaler and the property owner sign and date the disclosure.

If the wholesaler acting as the grantee fails to make the disclosure before entering into the contract that transfers interest in the property, the owner of the property may cancel the contract before the close of the escrow without penalty and the escrow agent shall disburse any earnest money paid by the wholesaler to the owner within 30 days after the cancellation.

Provisions of the act shall not be modified or waived by any agreement. Any portion of an agreement executed, modified, or extended after the effective date of the act that modifies or waives provisions of the act shall be null and void.

Any violation of the act shall be considered an unlawful practice under the Missouri Merchandising Practices Act. A party that enters into an agreement without receiving the disclosure under the act may bring a private action against a wholesaler.

The Attorney General shall have the authority to enforce the provisions of the act. For any violations, the Attorney General may commence a civil action. If the court finds that a violation occurred, the court may grant relief as described in the act.
JULIA SHEVELEVA

Senate Committee Substitute

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SCS/SB 973 - Under the act, not less than fourteen calendar days before entering into a contract that transfers an interest in residential real property, a wholesaler, as defined in the act, acting as a grantee or a wholesaler's representative, shall provide to the property owner a written disclosure. Requirements for the disclosure are described in the act.

A wholesaler acting as a grantee shall not enter into a contract that transfers an interest in residential property until both the wholesaler and the property owner sign and date the disclosure.

If the wholesaler acting as the grantee fails to make the disclosure before entering into the contract that transfers interest in the property, the owner of the property may cancel the contract before the close of the escrow without penalty and the escrow agent shall disburse any earnest money paid by the wholesaler to the owner within 30 days after the cancellation.

Provisions of the act shall not be modified or waived by any agreement. Any portion of an agreement executed, modified, or extended after the effective date of the act that modifies or waives provisions of the act shall be null and void.

Any violation of the act shall be considered an unlawful practice under the Missouri Merchandising Practices Act. A party that enters into an agreement without receiving the disclosure under the act may bring a private action against a wholesaler.

The Attorney General shall have the authority to enforce the provisions of the act. For any violations, the Attorney General may commence a civil action. If the court finds that a violation occurred, the court may grant relief as described in the act.
JULIA SHEVELEVA

Introduced

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SB 973 - Under the act, before entering into a contract that transfers an interest in residential real property, a wholesaler, as defined in the act, acting as a grantee or a wholesaler's representative, shall provide to the property owner a written disclosure. Requirements for the disclosure are described in the act.

A wholesaler acting as a grantee shall not enter into a contract that transfers an interest in residential property until both the wholesaler and the property owner sign and date the disclosure.

If the wholesaler acting as the grantee fails to make the disclosure before entering into the contract that transfers interest in the property, the owner of the property may cancel the contract before the close of the escrow without penalty and the escrow agent shall disburse any earnest money paid by the wholesaler to the owner within 30 days after the cancellation.

Provisions of the act shall not be modified or waived by any agreement. Any portion of an agreement executed, modified, or extended after the effective date of the act that modifies or waives provisions of the act shall be null and void.

Any violation of the act shall be considered an unlawful practice under the Missouri Merchandising Practices Act. A party that enters into an agreement without receiving the disclosure under the act may bring a private action against a wholesaler.

The Attorney General shall enforce provisions of the act. For any violations, the Attorney General shall commence a civil action. If the court finds that a violation occurred, the court may grant relief as described in the act.
JULIA SHEVELEVA