St Charles

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Title companies, lenders, real estate agents, and attorneys may conduct closings. In the St. Louis area, title company closings predominate. In the Kansas City area, an escrow company or a title company generally conducts the closing. Conveyance is by warranty deed. Deeds of trust are the customary security instruments and allow private power of sale. The trustee must be named in the deed of trust and must be a Missouri resident. Foreclosure involves publication of a sale notice for 21 days, during which time the debtor may redeem the property or file a notice of redemption. The foreclosure sale buyer receives a trustee’s deed. Missourians use ALTA policies and endorsements. Buyers and sellers generally split the closing costs. Sellers in western Missouri usually pay for the title insurance polices, while elsewhere the buyers pay. There are no documentary, mortgage, or transfer taxes. Property taxes are payable annually and become delinquent January 1st for the previous year.

Judicial and non-judicial.

YES. Leasing has always been considered a real estate brokerage service under Missouri real estate licensing laws. However, until 1988, when the Missouri Real Estate Commission began requiring the use of trust and escrow accounts in property management, there was little consistent enforcement. If a property manager is going to lease, rent, list, procure prospects or negotiate, assist, or offer to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

YES. For example, the requirement does not apply to people, businesses or lessees managing their property, or to their regular employees. In addition, a license is not required of people hired to manage real property, as long as they are limited to certain activities, such as receiving and delivering leases and lease applications, showing units under the broker or owner's instructions, and engaging in administrative or clerical tasks. For more information about these and other Missouri property management requirements and exceptions, please contact the Missouri Real Estate Commission. Before hiring a property manager to manage your Missouri rental property, you should always check that he or she is licensed appropriately. You can check the license status of Missouri property managers at the Missouri Real Estate Commission's License Search.

There is no requirement that a Missouri community association manager or condo association manager hold a real estate broker's license.

Missouri real estate broker licensing requirements include: - Age: Must be at least 18 years of age - Trustworthiness: must provide evidence of being fingerprinted - Experience: hold a current and active Missouri salesperson license for at least 24 of the last 30 months immediately preceding the application for license - Education: Certificate of Satisfactory Completion from a 48-hour pre-exam broker course from an accredited Missouri real estate school on or before the exam date - Exam: both portions of the Missouri broker exam - Application: complete application for the license must be submitted within six months of the completion date of the 48-hour pre-exam broker course

Missouri real estate salesperson licensing requirements include: - Age: Must be at least 18 years of age - Trustworthiness: must provide evidence of being fingerprinted - Education: Certificate of Satisfactory Completion from a 48-hour pre-exam salesperson course from an accredited Missouri real estate school on or before the exam date - Exam: both portions of the Missouri salesperson exam - Application: complete application for the license must be submitted within six months of the completion date of the salesperson course