Contracts
In Missouri, a buyer who discovers title defects before closing may:
AAccept the defective title and proceed
BExercise their contractual right to object and demand that defects be cured✓ Correct
CClose and file a lawsuit later
DOnly accept a price reduction
Explanation
Most Missouri purchase contracts give the buyer the right to object to title defects discovered before closing. The seller typically has a set time to cure defects; if they cannot, the buyer may cancel and recover their earnest money.
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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.
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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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