MO SB1594

Creates the "Contract for Deed Act" regulating executory contracts for residential property conveyances in Missouri, distinguishing between "long term" contracts (more than 3 years) and "short term" contracts (3 years or less)

Requires sellers to provide purchasers with extensive written disclosures at least 10 days before signing, including purchase price, interest rate, total principal and interest amounts, late charges, and property condition information

Prohibits late payment fees exceeding 5% of monthly payment, bans prepayment penalties, and limits forfeiture of option fees to $1,500 maximum for late payments

Grants purchasers a 14-day cancellation period for long term contracts and allows cancellation anytime if property is not properly subdivided or platted

Requires sellers to record long term contracts within 30 days, provide annual statements to purchasers, and transfer legal title within 30 days of final payment, with liquidated damages of $250-$500 per day for failure to transfer title