RSMo 473.500effective 01 Jan 1981

Order for sale, mortgage or lease of property, content

In plain English

When a court gives permission to sell, mortgage, or rent property from an estate, the order must describe the property and give specific rules. For a sale, it says whether the property is sold privately or at a public auction. Private sales of real estate cannot go for less than three-fourths of its appraised value. Rentals cannot go for less than the appraised rental value. For a mortgage, the order sets the loan limits, interest rate, and payoff dates. The order stays in effect until the court ends it, and the court can order a new appraisal if it thinks the property's value has changed.

Word-for-word law

473.500. for sale, or of property, content — duration — , when. — The order shall describe the property to be sold, mortgaged or leased and may the sequence in which the several parcels shall be sold, mortgaged or leased. An order for sale shall direct whether the property shall be sold at or . If is to be sold at private sale it shall direct that the same shall not be sold for less than three-fourths of the ; or if real property is to be leased, it shall direct that the same shall not be leased for less than the . If real property is to be mortgaged, it shall fix the maximum amount of , the maximum rate of interest, the earliest and latest date of , and shall direct the purpose for which the shall be used. An order for sale, mortgage or lease shall remain in force until terminated by the court. The court may, if it finds that there is to believe that the value of the property has changed, order a reappraisal thereof.

Tap any gold-underlined word to see what it means.

Source & history notes

(L. 1955 p. 385 § 181, A.L. 1959 S.B. 141, A.L. 1980 S.B. 637) Effective 1-01-81

View official source

Related Missouri laws

See all Probate & Estates laws

Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.