Disclosure statement, residential real property

407.3600. Disclosure statement, residential real property — definitions — contents of statement — cancelation of contract, when — modification or waiver prohibited — violations, enforcement. — 1. For purposes of this section, the following terms mean:

(1) "Residential real property", real property that is improved by a building or other structure that has one to four dwelling units;

(2) (a) "Wholesaler", a person or entity that for a fee, commission, or other valuable consideration, or with the intention, expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration, enters into a purchase contract for residential real property either:

a. As the grantee, and assigns or novates the contract to another person or entity; or

b. As the grantor, and, without holding legal title to the real property, assigns or novates the contract to another person or entity.

(b) Wholesaler shall not include:

a. An individual who assigns or novates the contract to another individual who is a relative within the third degree of consanguinity or affinity; or

b. A person or entity that assigns or novates the contract to a parent, affiliate, subsidiary, or affiliated group under common control with the person or entity.

2. Not less than fourteen calendar days before entering into a contract that transfers an interest in residential real property, a wholesaler acting as a grantee or a wholesaler's representative, if applicable, shall provide to the record owner a written disclosure statement, separate from the purchase contract or agreement, printed in boldface type font size not less than twelve points, that contains the following disclosure:

3. A wholesaler acting as the grantee shall not enter into a binding contract that transfers an interest in residential real property until both the wholesaler and the record owner of the property sign and date the disclosure statement required under subsection 2 of this section.

4. If a wholesaler acting as the grantee fails to make the disclosures pursuant to subsection 2 of this section before entering into a binding contract that transfers an interest in residential real property, the record owner of the residential real property may cancel the contract at any time prior to the close of escrow without penalty and the escrow or closing agent shall disburse any earnest money paid by the wholesaler to the record owner within thirty days after such cancellation.

5. Provisions of this section shall not be modified or waived by any oral or written agreement. Any portion of an agreement that is executed, modified, or extended after August 28, 2026, that modifies or waives any provision of this section shall be null and void.

6. Any violation of this section shall be considered an unlawful practice under the Missouri merchandising practices act under this chapter. A party that enters into an agreement without receiving the disclosures required under subsection 2 of this section may bring a private action against a wholesaler.

7. The attorney general shall have the authority to enforce the provisions of this section. If the attorney general finds that a violation occurred, the attorney general may commence a civil action in a court of competent jurisdiction. If the court finds that a violation occurred, the court may grant damages, injunctive relief, attorney fees, and any such other relief the court finds appropriate.