A Kentucky residential purchase agreement is a binding document that outlines the sale conditions of a home, specifying responsibilities for both buyer and seller. It includes details like sale price, deposit, offer validity, closing date, contingencies, and inclusion of appliances or personal property.
The process begins with a buyer’s offer, which the seller can accept, reject, or counter. Once signed, the agreement holds both parties to its terms, including payment arrangements and closing specifics.
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
Property Disclosure Statement
A seller's representative is obligated to inform potential purchasers about any recognized issues with the property, including environmental dangers, structural problems, and complications with the title, according to § 324.360.
Do Sellers in Kentucky Have to Disclose Property Defects?
In Kentucky, sellers must disclose any significant defects in real estate, unlike some states that follow the principle of ‘caveat emptor’ where buyers are responsible for discovering property defects. Without a thorough inspection, buyers in those states might not be able to legally undo the transaction.
