Missouri law requires warnings and a waiting period for home sale leasebacks

A buyer must give the seller a bold, one-page warning before signing a sale leaseback agreement. This covers a person selling a home with one to four homes in a transaction where the seller rents or leases the home to stay or return after the sale. The warning explains that the seller gives up ownership and may face eviction or lose the right to buy the home back. It encourages advice from a lawyer and other housing professionals. Both parties must sign the warning with the agreement, and the buyer must provide the seller a copy within five days. Violations may lead to penalties or a seller lawsuit. The buyer must give the warning at least 14 days before the agreement is signed. Title cannot transfer until 30 days after signing.

For listed mortgage changes, the mortgage continues to secure the changed debt and keeps its existing priority. These rules cover changes to a mortgage, its debt, or related security or credit support. Listed changes include extending the due date, lowering the interest rate, and reducing or forgiving debt. Some changes to interest rate terms qualify only if they do not raise the rate when the change takes effect. The rules exclude changes that add or release property or a borrower, or transfer a mortgage or debt. Other law governs changes outside the listed categories. These rules apply to mortgage changes made on or after the effective date, even if the mortgage or debt was created earlier.