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.
Required Seller Disclosures in Kentucky
Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. While other states require the seller to disclose a specific type of issue on the property—such as a material defect. In Kentucky, you will also need to complete the following paperwork in addition to the purchase agreement:
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. (§ 324.360)