The sales contract that guides most residential real estate transactions in St. Louis City, St. Louis County, Jefferson County and St. Charles County is a standardized form drafted and approved by the Bar Association of Metropolitan St. Louis and the St. Louis Realtors. Considering such, if you used a Realtor to buy or sell your real estate, he or she is likely using a quality contract. Problems occur when the buyer, seller or a representative fails to follow the terms of the contract; the seller does not fully disclose information concerning the property as required under Missouri law; or a seller and buyer who are not represented by a Realtor find a contract on the internet and fill in the blanks. Keep in mind the key purpose of a real estate contract is to guide you through a smooth transaction, with each party knowing his or her respective rights and obligations. The secondary purpose of a real estate contract is to protect the buyer or seller when the transaction goes bad.
Missouri Residential Real Estate Transaction
If you find yourself in a Missouri residential real estate transaction that has gone bad, you will likely need a real estate contract lawyer. Missouri residential real estate law provides many protections for the sale and purchase of real estate. If a seller or buyer has backed out of a contract after all contingencies have been satisfied, a suit for specific performance and breach of contract may be used to force the seller or buyer to complete the transaction or provide compensation to the damaged party. If a real estate agent failed to perform his or her duties or violated a Missouri law set out by the Missouri Real Estate Commission, a lawsuit involving the agent’s errors and omissions insurance may be necessary. A real estate transaction can go bad at so many points and in so many ways, it is important that you have a real estate contract law firm that specializes in real estate on your side.