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Section 140.987 Sale of property, buyer must own for three years — violation, civil liability.

MO Rev Stat § 140.987 (2019) (N/A)
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Effective 28 Aug 2019

140.987. Sale of property, buyer must own for three years — violation, civil liability. — A land bank agency shall ensure that any contract for the sale of residential property owned by the land bank agency shall have a clause that the buyer shall own the property for three years following the buyer's purchase of the property from the land bank. The clause shall state that a violation of those terms makes the buyer civilly liable to the land bank agency for an amount equal to twice the sale price of the property.

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(L. 2019 H.B. 821)

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Section 140.988 Funding sources for agency — property taxes, distribution by county collector to agency after sale of property.