2024 Year-End Forms Revisions

Missouri REALTORS^® carefully monitors changes in the law and considers feedback from members, local boards, and other REALTOR^® Associations across the country to guide forms revisions and updates, or to create new forms, when necessary. This process ensures Missouri REALTORS^® standard forms are legally compliant and relevant to current market conditions, and now, compliant with the recent NAR settlement (visit facts.realtor for details).

We believe standard forms with a wide variety of options are a good risk management strategy, and we will continue to provide forms that minimize conflicts to promote smooth and efficient transactions for brokers across the state.

We appreciate the leadership exhibited by ALL our volunteer members who dedicate their time to help ensure that Missouri REALTORS^® standard forms are:

fair and balanced, with reasonable options that work equally well in all parts of the State, regardless of what business model brokers choose to utilize;
clear and easy to use and understand; and
fairly protect all parties involved a transaction.

While not all suggestions are approved, we want to thank everyone who has provided feedback and comments, and we encourage you to continue doing so.

Forms Revisions

The following Missouri REALTORS^® forms were revised or became effective as of December 02, 2024. These changes are also discussed in a recent edition of Keeping it Legal. We publish a “Master Forms Index,” which lists our entire library of forms and includes a brief description of their intended use. We also publish various “Forms Instruction Manuals” that cover several of our forms and provide line-by-line instructions on how to complete them. Finally, “live” classroom training and local board presentations provided by Missouri REALTORS^® legal staff is also available based on demand.

Keeping it Legal: 2024 Year-End Forms Revisions

RES-1010: Seller’s Agency Listing Contract (Exclusive Right to Sell)
(Redline Version)

In addition to the revisions made to all Missouri REALTORS^® brokerage services agreements in July, several revisions were made to RES-1010 (and all MR listing contracts) for end-year. An option for Owner and REALTOR^® to negotiate differing compensation rates if a prospective Buyer is unrepresented was added. In addition, more flexible options regarding offering and sharing information about Shared Compensation were added. These revisions should provide even more flexibility and options in how Owners and REALTORS^® wish to transact.

RES-2000: Residential Sale Contract
(Redline Version)

Section 1 “Property” Removed the “Municipality” blank and added “municipality” as something the Buyer can research as part of “Property Data” in Section 7B.

Section 5 “Title/Survey”: Separated into distinct Title and Survey Contingencies, each with separate timeframes. The Survey Contingency is now included on a separate Rider (MSC-2065R) to be attached if Buyer wishes the contract to be contingent on a survey, as indicated in Section 6B. A new section (Section 6D), “Limitation of Title Objection rights,” was added to provide an option for Buyers/Sellers who wish to limit the scope of Buyer’s Title Objections by removing recorded subdivision indentures, covenants, declarations, and restrictions as “objectionable” items.

Section 26 “Access/Brokers Role/Franchise Disclosure”: Moved all mention of “access” from each individual contingency/paragraph to Section 26, making it applicable to the entire contract rather than specific to each individual contingency.

Section 30: Revised to include clarifying language regarding the ability of the offeror (the one making the original offer) to revoke the offer prior to Acceptance occurring (verbally or in writing). Questions related to this practice have always been amongst the most frequently asked of LEGAL LINE, and the revisions were added to hopefully provide more information for members and consumers in this regard. Conforming changes were also made to the Counter Offer form (MSC-2040) to clarify the ability of the counterofferor to do the same.

FRM-2000: Farm and Land Sale Contract (Redline Version)
LND-2000: Vacant Land and Lots Sale Contract (Redline Version)

Both FRM-2000 and LND-2000 received conforming changes to “catch up” with the revisions made to RES-2000 over the past several years. Now, both of these forms should have a similar look and feel to RES-2000. In addition to the conforming changes, the task force that was put together to review these forms further defined and clarified the purpose of each form, with FRM-2000 being used for “farms and farmland” and LND-2000 being used for “vacant land and lots.” This is reflected in the title changes to the forms, as well as in certain provisions throughout the forms specific to these functions.

MSC-4025R: Compensation Agreement Rider (for Sale) (Redline Version)
PM-4025R: Compensation Agreement Rider (for Lease) (NEW FORM)

Revisions were made to this form to improve clarity and include:

Added a “#____” to help facilitate negotiations between Buyer, Seller, and the Brokers

Redefined “Listing Broker” and “Cooperating Broker” to “Seller Broker” and “Buyer Broker” to be consistent with other MR forms, which helps reduce confusion and provides clarity as to who signs the form and whether it can be used for “in-house” transactions

Added to the “note” language about an amendment to brokerage services agreements possibly being needed

Removed language regarding the “automatic” amendment of the listing agreement in A1

Added an escrow instruction to A1 for consistency with A2

Added an Option A3 to allow for further flexibility in compensation negotiations between the parties and their brokers

Reformatted signature blocks to be consistent with the MR sale contracts

In addition to these revisions, a new form (PM-4025R) for leasing transactions was created with the same/similar provisions.

DSC-8000: Seller's Disclosure Statement for Residential Property (Redline Version)

Section 12: Added a question regarding the use of insurance proceeds for any previous claims

Section 7: Added a question regarding knowledge of smoking on the Property. Also, added contact information for the utility companies listed

MSC-2080R: Possession by Buyer Prior to Closing (Redline Version)
MSC-2090R: Possession by Seller After Closing (Redline Version)

Added references to the COM lease agreements in addition to the PM agreements and revised the language regarding insurance to general “hazard” insurance. These revisions allow for the forms to function more efficiently as MSC forms for all MR form contracts.

MSC-2021R: Contingency for Sale of Buyer’s Existing Property (Redline Version)
MSC-2021N: Existing Property Sale/Kick-Out Notice (Redline Version)

Revision made to clarify that once Buyer gives timely Existing Property Sale Notice, the Contingency “converts” to a “Closing Contingency” without any further amendment. Further revisions include:

Added language to the introduction of MSC-2021N to clarify that the form acts as an amendment to the Sale Contract, and no separate amendment form is needed to “convert” the contingency

Added a reference to the Additional Signature Page (MSC-5070)

Updated the signature block style to conform with other MR forms

MSC-2050N: Inspection Notice (Redline Version)
MSC-2050NR: Inspection Notice Response (Redline Version)

Conforming revisions were made to these forms, which include:

Added language to the introduction of MSC-2021N to clarify that the form acts as an amendment to the Sale Contract, and no separate amendment form is needed to “convert” the contingency

Added a reference to the Additional Signature Page (MSC-5070)

Updated the signature block style to conform with other MR forms

MSC-2600N: Walkthrough Notice (Redline Version)

Revisions were made to allow this form to operate more like the Inspection Notice (with limited options). Allows for the parties to negotiate items found during the walk-through directly on the form, rather than working it out via an Amendment. Conforming revisions were also made regarding “amendment verbiage” (see MSC-2050N above), an added reference to the Additional Signature Page, and updates to the signature blocks.

MSC-2065R: Survey Rider (NEW FORM)
MSC-2065N: Survey Notice (NEW FORM)
MSC-2055N: Title Notice (Redline Version)

A new “Survey Rider” (MSC-2065R) and “Survey Notice” (MSC-2065N) were created to facilitate the separation of the Title/Survey contingencies in the Missouri REALTORS^® sale contract forms. The “Title Notice” (MSC-2055N) was revised to reflect these changes as well. See discussion on RES-2000 changes for more information related to the separation of the Title/Survey contingencies into separate contingencies.

DSC-2000: Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards (for Sale Contract) (Redline Version)
DSC-3000: Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards (for Leases) (Redline Version)

Revisions were made to the Lead-Based Paint Disclosure forms based on revisions made to the EPA’s version of the form, which include longer lines for initials and more clarification regarding the options available to prospective purchasers/tenants related to the federal regulation.

MSC-1030: Listing Contract Amendment (Redline Version)
MSC-1035: Buyer/Tenant Agency/Brokerage Contract Amendment (Redline Version)

These forms were revised to improve ease of use when either a client and/or the broker wish to amend the terms of a brokerage services agreement.

MSC-2040: Counter Offer (Redline Version)

The Counter Offer form was revised to increase space on the “Rider #” lines and to incorporate the language from Section 30 of the Missouri REALTORS^® sale contracts.

PM-1000: Property Management Agreement (Redline Version)

The Property Management Section Forms Task Force completed its work this year by providing revisions to the Property Management Agreement. Changes to formatting, the addition of conforming revisions from other brokerage services agreements, and additional options for Property Managers and clients were included in this “overhaul” of the form.

DSC-8010: Seller’s Disclosure Statement for Commercial Property (Redline Version)

The Commercial Forms Committee completely “refreshed” the Commercial Seller’s Disclosure. This form was revised as part of a concerted effort to make the commercial forms more consistent with other Missouri REALTORS^® forms. This form now looks and feels closer to the residential Seller’s Disclosure form (DSC-8000) but is distinctly different where it needs to be.

As always, if you have ANY questions regarding our Standard Forms or any revisions, please call LEGAL LINE at 573-447-5278.