MO HB991

Applies mechanic's lien procedures to residential real property (excluding owner-occupied properties of 4 units or less, which have separate rules) and redefines "residential real property" to include new residential subdivisions that have not been platted or recorded.

Requires claimants (contractors, suppliers) to record a "notice of rights" at least 5 calendar days before the property's intended closing date to preserve mechanic's lien rights; failure to record forfeits lien rights unless the property owner failed to provide timely notice of sale after being requested.

Requires property owners to record a "notice of intended sale" at least 45 days before closing and to post it on the property; requires owners to provide claimants with notice of sale and legal description within 5 days of written request; requires general contractors to provide sworn affidavits of all subcontractors and suppliers at job start.

Allows property owners to release liens by depositing cash, letters of credit, or surety bonds equal to 150% of the lien amount; transfers claimant's rights from the property to the substitute collateral.

Permits claimants to execute unconditional final lien waivers; claimants paid in full must execute waivers within 5 days of written request or face presumed liability for slander of title and a $500 statutory penalty.

Adds attorney's fees (recoverable by successful lien claimant) and 9% annual interest as lienable expenses.

Effective for residential property conveyances closing on or after November 1, 2011.