Missouri Laws 448.4-111 – Release of liens
1. In the case of a sale of a unit where delivery of an original sale certificate is required pursuant to subsection 3 of section 448.4-102, a seller shall, before conveying a unit, record or furnish to the purchaser releases of all liens affecting that unit and its common element interest which the purchaser does not expressly agree to take subject to or assume, or shall provide a surety bond or substitute collateral for or insurance against the lien. This subsection does not apply to any real estate which the declarant has the right to withdraw.
2. Before conveying real estate to the association, the declarant shall have that real estate released from:
Terms Used In Missouri Laws 448.4-111
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
(1) All liens the foreclosure of which would deprive unit owners of any right of access to or easement of support of their units; and
(2) All other liens on that real estate unless the original sale certificate describes certain real estate which may be conveyed subject to liens in specified amounts.