Senate Bill No. 388 Summary

• Establishes the "Contract for Deed Act" creating 23 new sections (442.700-442.746) regulating executory contracts for residential real property purchases in Missouri.

• Requires sellers to provide purchasers with property disclosures at least 10 days before signing, including proof of ownership, property condition statements, tax/assessment information, insurance details, and financial terms.

• Grants purchasers a 14-day cancellation right without penalty and requires sellers to refund all payments if they breach disclosure requirements.

• Limits late fees to 5% of monthly payments, prohibits prepayment penalties, and mandates annual statements showing amounts paid, remaining balance, and property-related expenses.

• Provides purchasers who have paid 30% or more of the purchase price the right to force a trustee sale instead of allowing forfeiture, and requires sellers to transfer legal title within 30 days of final payment or face liquidated damages ($250-$500 per day).