Capitol Update: August 28, “REALTORS® Immunity Bill” (SB 36) Now In Effect
Post by Sam Licklider, Chief Lobbyist
Today is the effective date of all legislation enacted without a specific effective date. That said, “The REALTORS® Immunity Bill” (SB 36) amended Chapter 339 to provide protections to licensees dealing with issues of area or square footage. A copy of the relevant portions of the bill can be found below. In addition, an amendment to Chapter 442, Titles and Conveyance of Real Estate, has been included. That verbiage is also shown below.
It is important to remember that in order to gain the protection of this act, you must have obtained the information on the area or square footage from a third party, and you must disclose the information came from the third party before you transmit an offer to purchase to the seller.
As recently noted, Missouri REALTORS® created this measurement disclaimer. We strongly encourage you to utilize this form in all transactions.
339.4. A real estate licensee shall not be the subject of any action and no action shall be instituted against a real estate licensee for the accuracy of any information about the size or area, in square footage or otherwise, of a property or of improvements on the property if the real estate licensee obtains the information from a third party and the licensee discloses the source of the information prior to an offer to purchase being transmitted to the seller, unless the real estate licensee knew the information was false at the time the real estate licensee transmitted or published the information or the licensee acted with reckless disregard as to whether such information was true or false.
442.135. 1. If a property is subdivided and a new property description is created, such property description shall include the name, and professional license number, if applicable, of the person that created the property description. 2. No person shall submit for recording a conveyance of any property under subsection 1 of this section unless the property description of such property contains the information required in subsection 1 of this section.