NEWS FROM OUR AFFILIATE ELITE PARTNERS
City of St. Peters Disclosure Update
By Terra Ritchie
Investors Title Co.
Did you know that the seller is no longer required to record the City of St. Peter’s Disclosure? On March 24, 2016, the St. Peters board of Aldermen approved Ordinance 6509, which removes the requirement for recording of St. Peter’s Disclosure Statement. This does not remove the requirement of requiring a notarized signature. The city clerk has not specified if anything else will be required at this time, but they have Investors Title on their list if anything changes.
The St. Peter’s Disclosure requirement was originally passed in November of 1991 to protect the character and stability of real estate property within the City of St. Peters. This document requires sellers to disclose known information that can materially affect the value or desirability of the property. It is unlawful to sell, transfer, convey or dispose of property in the City of St. Peters without providing the purchaser (prior to or at the time of execution of the purchase agreement), a copy of a disclosure statement, signed by the owner/seller. Also note, that an existing survey or recorded plat depicting the property needs to be attached to the disclosure according to subsection B of Section 210.450 of the City Code. It is required to disclose to the buyer all recorded and UNrecorded easements and rights-of-way burdening the property.
What does this mean for real estate agents? Business as usual in the City of St. Peters.
What does it mean for your seller? One less recording fee at closing, but the same disclosure needs to be signed and notarized.