State forms have been updated and bins are being changed out today. Below is a list of changes and clickable links to the new forms and the redline versions of those forms. You must log in to your Missouri REALTORS account to view forms. Let us know if you have questions.
Biggest updates
- They have updated the inspection section of the contract to make the resolution period stand out
- Counter offer is now condensed to one page
Video regarding updated forms, click link and then once logged in and pick pending residential form revisions: https://www.missourirealtor.org/risk-management/legal-line/keeping-it-legal-videos
1 new form will be made available to Missouri REALTORS® effective 1/1/19.
DSC-8001 ~ Measurements Disclaimer
This form was made available for use (which is on a voluntary basis) in light of reports of at least 3 different lawsuits which have been filed in the last few years regarding situations where information provided by a licensed real estate agent regarding the square footage of a Property was not completely accurate.
Proper attribution is KEY in situations where a licensee is relying on or simply “passing along” information which was actually obtained from a 3rd party (e.g., Assessor’s Office, prior appraisals or building plans). If/when used, DSC-8001 will serve to provide timely written evidence that any “measurement info” provided (acreage or improvement s.f.) was properly attributed to its true source.
RES-2000 ~ Residential Sale Contract:
(Redline version)
- §1 ~ Improved formatting & ability to identify a “municipality” (by adding a separate blank line along with added instruction).
- $3 ~ Removed the term “banking day” & improved terminology with respect to delivery of Earnest Money. MREC Regulation 20 CSR 2250-8.120(1) (for situations where a Broker actually holds Earnest Money) still applies, but this new language is designed to be more clear to the public.
- §7 ~ The Inspection process was reorganized to make it more intuitive. The “Limitation of Rights” and “Waiver” options (checkboxes) were relocated in one area (under §7D). A new/separate subsection (§7E) now covers the “Resolution Process”. Governmental Inspections (including occupancy requirements) are now located under §7F (& shortened).
- §24 ~ Added language to explain that the actual amount of compensation to be paid is to be determined by the applicable brokerage service agreement(s).
- §25~ Relocated the “MLS ID, if required” language to be adjacent to the licensee’s signature (which is the desired information; not the Brokerage Firm MLS ID).
MSC-2055N ~ Title & Survey Notice:
(Redline version)
- Conformed (to similar forms) the format and introductory language (“This Notice is given pursuant to...), which is now located above the Party IDs.
- Part D ~ Facilitated the ability for the parties to continue negotiations (i.e., make a new proposal), even if an original proposal was rejected, by referencing both Option C2 orC3 of a ‘Seller’s Response’ (& instructing to use a new clean copy of MSC-2055N if so).
MSC-2050N ~ Inspection Notice:
(Redline version)
and
MSC-2050NC ~ Continuation of Inspection Notice:
(Redline version)
- Conformed (Global Formatting) w/ respect to Caption & Logo placement.
- Otherwise, made essentially the same revisions as above (at Parts ‘C’ & “D”, respectively) to facilitate continued negotiations (i.e., to allow a party to make a new proposal, even in situations where the latest proposal was simply declined/rejected).
MSC-2040 ~ Counter Offer:
(Redline version)
- This form has now been streamlined (shortened to 1 page) & revised to clearly indicate (via check boxes at the top) who is making the Counter Offer.
- Added “Seller Concessions” (@ ‘b’ under “Changed Terms”) as a specific line item (because it is a frequently negotiated term).
- Replaced the previously lengthy & generic subparts (d-f) with 3 sets of blank lines (@ ‘e’ under “Changed Terms”) which now allow for references to the specific “Section & Line #s” of the Contract (or a Rider) that are proposed to be changed (plus a generic subparagraph for “Other/Misc.”).
- Generally shortened verbiage in sub-captions & paragraphs.
- Added “X marks the spot” (adjacent to blanks calling for requested signatures)
MSC-2090R ~ Agreement for Possession by Seller After Closing:
(Redline version)
- Strengthened admonishment by deleting “normally” from the introductory “NOTE”, that ‘Occupancy by Seller after Closing is not
normallyadvised.’ - §5 ~ Clarified (by converting existing language into 2 separate sentences) that Seller is obligated to carry general liability insurance (while in occupancy), but that coverage on Seller’s personal property is optional.
MSC-2045 ~ Buyer’s Inspection Authorization:
(Redline version)
- For the same reasons we created new form DSC-8001 (Measurements Disclaimer discussed above), we added “Square Footage” as a specific type of inspection a Buyer may select.
- It was also conformed (global formatting) w/ respect to its Caption & Logo placement.
DSC-8000 ~ Seller’s Disclosure Statement for Residential Property:
(Redline version)
- Conformed format (Caption & Logo placement; eliminated “Reference Line”). Also improved layout of “Yes/No” boxes (where applicable); & added “Print Name” below signature lines.
- Pg. 1 ~ Included within the “Statutory Disclosures” section the new (statutorily mandated per §442.055 RSMo) requirement for an Owner to disclose the receipt of a report which states the Property is (or was) contaminated with “radioactive material or other hazardous material”.
- §11(c) ~ Added a separate question asking if Owner is “aware of the presence of any radon gas at the Property”. The questions at this section previously only asked if the Owner was aware of any ‘testing’ or ‘mitigation’, which left a potential gap for any known current “presence” of radon gas.
- pg. 6 ~ For the same reasons we created new form DSC-8001 (Measurements Disclaimer discussed above), we added (at the ‘Buyer’s Acknowledgement’) that Buyer should verify any ‘measurement information’ provided regarding the subject Property.
MSC-2035R ~ Rental Property Rider:
(Redline version)
- Conformed format (Caption & Logo placement)
- §3(e) ~ Eliminated statement (added last year), in light of new revisions to §535.300 RSMo, which previously required residential Security Deposits to be separately held/transferred. Note ~ RES-2035 (which was a comparable form previously created just for use with respect to residential leases) has now been deleted from the Association’s library of standard forms (for the same reason).
RES-1010 ~ Seller's Agency Listing Contract (Exclusive Right to Sell): we do not use this form
(Redline version)
- Conformed general formatting (e.g., Caption & Logo placement; eliminated “Reference Line”)
- §8 ~ Added new General Condition admonishing the Owner (& releasing and indemnifying the Listing Broker) with respect to any Audio/Video recordings that the Owner (or any other person) may make of prospective purchasers or their representatives while at the Property.
- §7 Expanded language of existing General Condition, to specifically caution the Owner to remove/secure all private/personal information (e.g., photos, files and paperwork) along with all guns, money, medicine/Rx, jewelry & other valuables.
- Relocates (from where previously located at the bottom of the signature page) the actual spot where a designation of designated agency (if permitted) can initially be made (i.e., to the “Starting Point”, which is now General Condition 14A.
- Note ~ As discussed above, all of the Association’s other form listing contracts were revised in similar respects.
MSC-4010 ~ Broker and Salesperson Contract: we do not use this form
(Redline version)
- Revisions were made to make this form gender neutral.
- §4 ~ Added reference to (and incorporated) a Broker’s “Office Policy” as part of terms agreed to.
- Misc. “language cleanup”.
Jamie Thornsberry
RE/MAX Boone Realty
33 E. Broadway, Ste. 200
Columbia, MO 65203
PH: (573) 256.3182
www.boonerealty.com | www.seeremax.com
www.facebook.com/remaxboonerealty
@boonerealty
Licensed in Missouri
ABR, RENE, SRS
ALERT! RE/MAX Boone Realty will never send you wiring information via email or request that you send us personal financial information by email. If you receive an email message like this concerning any transaction involving RE/MAX Boone Realty, and that email does not refer you to our deposit partner Sqaak.com, do not respond to the email and immediately contact your agent via phone.
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