Property Ownership
Fixtures in Missouri real estate are generally:
ATransferred with the property unless excluded in the contract✓ Correct
BAlways excluded from the sale
CAlways personal property
DDefined only by MREC
Explanation
Fixtures (personal property permanently attached to real property) are typically conveyed with the real property unless specifically excluded in the purchase contract.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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