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On August 28, 2026, the way wholesaling real estate in Missouri works changes. Senate Bill 973 adds a mandatory disclosure and a 14-day waiting period before a wholesaler can put a residential property under contract.
The law does not ban anything. It changes the timeline, which means it changes your process. Here is what the statute says and what to do before Friday.
Quick note: This is just a summary, not legal advice. Run your setup past a Missouri real estate attorney.
What Missouri SB 973 Requires
The bill creates Section 407.3600, the Missouri wholesale disclosure rule. It applies only to residential real property with one to four dwelling units, so commercial deals are outside its scope.
The core requirement, in the statute's own words:
"Not less than fourteen calendar days before entering into a contract that transfers an interest in residential real property, a wholesaler acting as a grantee or a wholesaler's representative, if applicable, shall provide to the record owner a written disclosure statement..."
It has to be:
- Separate from the purchase contract, as its own standalone document
- Printed in boldface type, no smaller than 12 points
- Signed and dated by both the wholesaler and the record owner before entering into any binding contract
The same-visit close is finished in Missouri for one- to four-unit residential. Presenting an offer and leaving with a signed contract that afternoon no longer works, so plan on a two-visit process with a two-week gap. The bill creates no licensing requirement, and nobody is being asked to become a licensed real estate agent or broker.
Who Counts as a Wholesaler
Section 407.3600 defines a wholesaler as anyone who, for a fee, commission, or other valuable consideration, enters a purchase contract for residential real property and then either signs as the grantee and assigns or novates it, or signs as the grantor without holding legal title and assigns or novates it.
That is the standard assignment contract. The duty runs to a wholesaler "acting as a grantee," and to that wholesaler's representative, so your acquisitions team is covered too.
Two carve-outs sit outside the definition: assigning to a relative within the "third degree of consanguinity or affinity", which includes in-laws, and assigning to a parent, affiliate, subsidiary, or affiliated group under common control.
What the Disclosure Has to Say
Missouri wrote the language for you; see pages 72 & 73 of the law. The statute prescribes the text verbatim, and the owner acknowledges that the wholesaler:
- Is a wholesaler as defined in Section 407.3600, and the owner is advised to seek legal advice
- Is acting on their own behalf and is not representing the seller
- Enters assignable contracts and seeks to sell or assign that interest for a profit
- May assign their interest in the purchase contract to a third party without the owner's consent before closing
- May charge the third-party buyer a separate fee, and the agreed price may be below market value
None of that should be new to a seller you have been straight with. If your script already explains that you are an investor buying on condition and speed, you are putting it in writing.
What Happens if You Skip It
The remedies favor the seller. Under subsection 4, the record owner may cancel the contract any time prior to the close of escrow without penalty, and the escrow agent must disburse your earnest money to the owner within thirty days. It does not come back to you.
A violation is also an unlawful practice under the Missouri Merchandising Practices Act, giving the seller a private right of action and the Attorney General authority to enforce, with damages, injunctive relief, and attorney fees available. Subsection 5 voids any agreement waiving these provisions, so a waiver clause in your contract is worth nothing.
| Step | Before Aug 28, 2026 | On or After Aug 28, 2026 |
|---|---|---|
| First appointment | Offer and contract, same visit | Standalone disclosure only |
| Waiting period | None | 14 calendar days minimum |
| Contract signing | Day 1 | Day 15 or later |
| If disclosure is missing | No statutory remedy | Seller cancels free, keeps your earnest money |
Does This Cover Double Closings?
The statute does not address them directly, so read the definition. Liability attaches to a person who assigns or novates a contract, and the grantor prong applies only without holding legal title. An investor who takes title and resells by deed assigns nothing.
On the plain language, a double close appears to fall outside the definition. That is a reading of the text, not a written exemption, and no Missouri court has tested it since the bill is just now going into effect. If that is your plan, confirm it with an attorney, line up an investor-friendly title company, and make sure two sets of closing costs still work.
Steps to Set You Up for Success
- Have an attorney draft the form using the statutory language, standalone, boldface, 12-point.
- Split the appointment. Visit one is the disclosure. Visit two, day 15 or later, is the contract.
- Timestamp delivery and signature. If a deal is challenged, that record is your defense.
- Build a nurture sequence for the wait, and use the window to firm up your buyer and confirm title.
Frequently Asked Questions
Is wholesaling legal in Missouri after SB 973?
Yes. SB 973 does not prohibit wholesaling and creates no license requirement. It requires a standalone written disclosure at least 14 calendar days before you enter into a contract on a one- to four-unit residential property, signed and dated by both parties.
Does the 14-day rule apply to commercial or larger multifamily?
No. Section 407.3600 is limited to residential real property with one to four dwelling units. Buildings above four units and commercial property fall outside it.
What if my contract was signed before August 28?
The requirements attach to contracts entered into on or after the effective date. Deals already under contract are governed by the prior rules, though subsection 5 voids later modifications that try to waive the statute.
Do I need a real estate license to wholesale in Missouri now?
No. SB 973 is a disclosure and timing statute. The broader question of wholesaling legality still turns on whether you are marketing your equitable interest in a contract rather than brokering someone else's property.
What is the penalty for skipping the disclosure?
The seller can cancel before closing without penalty and keep your earnest money. The violation is also an unlawful practice under the Merchandising Practices Act, allowing a private suit, Attorney General enforcement, damages, and attorney fees. Section 407.3600 sets no fixed dollar figure.
The Bottom Line
SB 973 is a process change, not an existential one. Real estate wholesaling laws keep moving in this direction, and we saw the same pattern with the Ohio wholesaler disclosure law. Wholesalers who already lead with clear expectations are adding a form and a calendar reminder.