Posted by John Merchant on November 02, 2009 at 18:41:26:
I’d advise full disclosure here and say that you’re selling your “rights” to the property, w/o spelling out exactly what your rights are.
Just be sure you DO have a legally exercisable option so you aren’t sandwiched between “gotta have” buyer and “can’t be made to sell” owner.
I’m thinking your Option rights ought to spell out that owner’s full cooperation is required and if he fails to provide it you can walk w/o penalty, etc.
You’re smart to inquire re MO law now as so many states have recently enacted Distressed Home Owner laws to protect that po’ beset HO from sharks and other predatory critters.
Also you might find that no MO REA (or maybe MO Realtor or MLS REA) can legally list such w/o your having deed so that’s something to nail down.
Because of your MO legal questions I’d recommend your seeking legal help there in MO to be sure of what you can do.