How To Purchase A Home In The State Of Missouri

By: Shane Smith

The process of the purchase of a home in the State of Missouri begins with the purchaser approaching a Realtor. The Realtor is the agent of sellers and under the laws of the State of Missouri have specific and fiduciary duties towards the seller. The Realtor has a database of several homes put up for sale and can cater to the pricing level that purchasers need within the amount of loan the purchaser can raise. A realtor who is a member of the NAR ( The National Association Of Realtors) has access to the MLS or the multi listing service offered by the Association. This gives the purchaser the advantage of choosing the best housing option within budget and within preference.

Once a home is located the purchaser is required to give an offer in the form of a sale and purchase agreement. The sale and purchase agreement will include the price offered, the inspections required , the deadlines for the completion of each stage of the purchase transaction and the amount of money the purchaser can raise by loan. The seller is required under the laws of the State of Missouri to disclose potential home defects to the buyer. Once the seller and the purchaser sign the agreement it becomes a binding contract .

The purchaser then employs certified inspectors to carry out inspections for structural defects, pest control, lead paint usage, radiation and other hazards. The inspection certificate will be shown by the purchaser to the lender to convince the lender of the strength of the building.

The purchaser hires an attorney, a real estate title company or a title trust company to conduct a title search to clear or cure any encumbrances on the property. The American Land Title Association has a list of title search professionals operating in the State of Missouri. Title searches in courts and public records will reveal any implied easement of necessity which is allowable under the laws of the State of Missouri or liens arising out of unpaid mortgages, unpaid structural workers and unpaid taxes. The purchaser should also buy a title insurance which will safeguard the property from future or invisible title claims.

Once the title of the property is cleared or cured by the seller by releasing the liens, the purchaser can shop for a loan that is customizable to needs of the purchaser. If the purchaser engages a credit rating company that helps the purchaser obtain documentation to pre qualify and pre approve the purchasers credit rating it will be easier for the purchaser to shop for the loan on the basis of the documentation.

On raising the loan the purchaser can make a down payment. When the lender is satisfied that all structural and title impediments are cleared the purchase can be closed. The purchaser should show proof of paying a year's premium on a home owners insurance at the closure and bring any documents that the lender may require. The passage of title from seller to buyer is recorded at the closure and the purchaser completes the purchase of a home in the State of Missouri.

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