The Kentucky residential real estate purchase agreement (“real estate purchase offer”) provides the terms and conditions of the sale, including the amount to be paid to the seller, the manner in which the buyer will provide the financial consideration, and the closing date of the transaction.
Do Sellers in Kentucky Have to Disclose Property Defects?
Kentucky does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Kentucky
Along with any material defects with the property, sellers in Kentucky will also need to provide the following:
- Property Disclosure Statement. In Kentucky, the seller of a residential property must provide the buyer with a full disclosure of the condition of the property prior to signing a purchase agreement.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
