The Kentucky residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
The seller still must be honest in answering the buyer’s questions. A disclosure exemption does not allow a seller to fraudulently conceal issues with a property.
Kentucky sellers of real estate must make the following disclosures, as appropriate, in order for a real estate purchase agreement to be considered legally binding:
(1) This section shall apply to sales and purchases involving single-family residential real estate dwellings if any person licensed under this chapter receives compensation.
(2) The commission shall promulgate an administrative regulation authorizing a “seller’s disclosure of conditions form.”
(3) The form shall provide for disclosure by the seller of the following:
(a) Basement condition and whether it leaks;
(b) Roof condition and whether it leaks;
(c) Source and condition of water supply;
(d) Source and condition of sewage service;
(e) Working condition of component systems; and
(f) Other matters the commission deems appropriate.
The form shall not be required for residential purchases of new homes if a warranty is offered, for a sale of real estate at an auction, or for a court supervised foreclosure.
How Do You Write a Real Estate Contract in Kentucky? To write a real estate contract in Kentucky, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Kentucky? You can get out of a real estate contract in Kentucky during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. Read more » What Is the Effective Date of a Real Estate Contract in Kentucky? In Kentucky, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Kentucky? In Kentucky, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Kentucky? To fill out a real estate contract in Kentucky, first, download our customizable Kentucky real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. • Property – address of the property. • Purchase price – the amount the buyer will pay to own the property. • Payment – how and when the transaction between the buyer and seller will take place. Read more »
