Oh Missouri, aka the “show-me state”. Did you know that the great old state of Missouri is bordered by 8 other states? Yep, this midwestern home of Maya Angelou and Eminem offers the beautiful Ozark mountain range and much more. And if that is not enough, Missouri is more of a landlord-friendly state.
At a Glance:
Security Deposit Limit: No more than an amount equal to two months’ rent
Late Fee Limit: Missouri has no stated limitations. However, the amount must be specified in the lease.
Late Fee Chargeable After: The lease will dictate when the late charge is assessed.
Returned Payment Fee Limit: $25
Notice to End Lease: 60 days for a yearly lease is required unless otherwise stated in the lease. Month-month rental terms would require a 30-day notice. There are no stated requirements for other lease arrangements such as weekly, as these would be determined as written in a lease.
Missouri security deposits cannot exceed an amount equal to two months’ rent.
Security deposits must be held in a separate bank account. Landlord must within 30 days after a tenant vacates the rental unit, pay back in full the security deposit or a statement of deductions and any balance as applicable.
Make sure and inspect the rental property before the tenant moves in and have them sign off on the inspection report. Spark Rental’s Missouri Lease Agreement provides for a “statement of condition” that is made part of the lease. This protects you and your renters against false claims over who caused what damage.
Under certain circumstances as spelled out in Missouri Statutes 441-065; when a renter vacates the rental unit before the end of the lease (abandons the property) and leaves personal property behind, the landlord must provide a formal ten-day notice. Once the ten days elapse and the renter does not respond, the landlord may dispose of the property as he or she sees fit.
Related Article Read: How to invest 1000$ in real estate?
Related Article Read: How to avoid 20% down payment on investment property?
Rental Property Registration
Each city within Missouri has their own laws and requirements regarding rental property inspections. Some require no inspection or registration and others do. Be sure to check with the township authorities of the location of your rental.
Right of Entry
Missouri has no stated statutes surrounding the amount of notice a landlord must provide in order to gain entry. A general rule of thumb for non-emergencies is to provide a 24-48 hour written notice before entering a rental unit.
Legal Questions? Ask a Missouri Landlord-Tenant Attorney
If you have questions about a troublesome tenant (or landlord, if you’re a renter), speak to a real, live Missouri attorney through our Ask-An-Attorney feature. (Cost: you can name your own price for your legal answers, and only pay if you’re satisfied!)
DISCLAIMER: Wellspring Financial LLC DBA SparkRental.com is for informational purposes only! Any information, legal or otherwise is provided “as is” without any representations, truth, accuracy, exactness or warranties, expressed or implied. Any data, form, or information provided shall NOT be construed or taken to be legal advice. You must NOT rely on any data, form, or information on this website as an alternative to obtaining sound, legal advice from a licensed or professional legal service provider.
Related Article Read: How to buy an investment property with no money down?
Related Article Read: How to calculate depreciation on rental property?