Bill > SB973

This bill modifies various sections of Missouri law related to real estate transactions, primarily by establishing and expanding the framework for "land bank agencies" and "land trusts" which are governmental entities designed to manage, sell, and redevelop tax-delinquent properties. Key provisions include defining the powers and responsibilities of these agencies, such as acquiring and disposing of property, managing finances, and ensuring transparency through audits and public inventories. The bill also introduces new regulations for "wholesalers" in real estate transactions, requiring them to provide specific disclosures to property owners before entering into contracts, and establishes protections for sellers in "sale leaseback" transactions, mandating disclosures and a waiting period before closing. Additionally, it clarifies the priority of liens for unpaid sewer charges and makes other technical adjustments to existing laws concerning tax collection and foreclosure processes.