Missouri REALTORS® are navigating a transformative year with new laws that affect how they operate. From licensing procedures to housing voucher policies and tax incentives, here’s a breakdown of the most impactful changes - and what they mean for your business.
License Law Changes: Written Agreements Now Required
Under HB 595 and HB 596, Missouri now mandates that real estate professionals must have a written agency agreement in place before performing any brokerage services, including showing homes or discussing listings in detail.
What This Means for REALTORS®:
- No more informal showings; a signed agreement is required first.
In preparation for conforming with the license law update, make sure to update your client intake process and ensure all agents are trained on the new requirements. For any questions on this, or any other real estate legal matter, reach out to Legal Line at 573-447-5278.
More Flexibility of Housing Providers
HB 595 and HB 596 also gives landlords greater control over tenant screening by removing local mandates around income source (like housing vouchers). This helps streamline leasing decisions while still observing and abiding by federal Fair Housing protections.
What This Means for REALTORS®:
REALTORS® must still comply with federal Fair Housing laws. Advise landlord clients carefully and document all screening criteria to avoid legal pitfalls.
Capital Gains Tax Eliminated in Missouri
Effective January 1, 2025, Missouri has eliminated its state capital gains tax. This applies to individuals and businesses, including gains from real estate sales.
What This Means for REALTORS®: