Kentucky Residential Purchase and Sale Agreement

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A Kentucky residential purchase and sale agreement is a document that binds two (2) parties to the terms and conditions of a real estate transfer. The form will relay the nature of the piece of property transferring ownership, the amount of money to be paid to the seller, the manner in which the buyer will produce the compensation, and all other details which clarify the rights and responsibilities of both parties. In the state of Kentucky, as in many states, it is required that, before an agreement is signed and a price is discussed, the potential buyer receives a full disclosure report which details any material defects to the property and all other information known to the seller which may affect the buyer’s offer or deter them from purchasing the residence.

Table of Contents

Realtor Version

Kentucky Association of Realtors Adobe PDF

Required Disclosures

Lead-Based Paint Disclosure – It is required that the seller of a building constructed prior to 1978 provide all potential buyers with a lead-based paint disclosure statement which details any toxic paint used on the premises at any time.

Seller’s Disclosure of Property Condition (§ 324.360) – As Kentucky is not a buyer beware state, 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. It is recommended nonetheless that the buyer conduct a thorough investigation of the property as the seller’s disclosure only covers known defects and should not be interpreted as a warranty of any kind.

Commercial Property

Commercial Purchase AgreementUse as a legal contract to purchase or sell commercial property.

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