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A licensee shall be subject to discipline consistent with the commission's authority in KRS 324.160(1) for a violation of KRS 324.160(4)(t) if the licensee fails to submit notification to the commission of any changes required by this section within ten (10) days of the change.
Common addendums include contingencies such as home inspections or the sale of the buyer's house, as well as including certain items, like furniture. Addendums are created before both parties sign a contract; amendments are made after the parties have signed a contract and a change must be made.
Seller Disclosure Laws A seller of a single family home must supply buyers with a completed property condition disclosure form. The law in Kentucky states that sellers must reveal any known material defects of a property that may affect its value or desirability.
Kentucky Real Estate: All Continuing education is due on December 31st every year and the license renewal is by March 31st every two years. A licensee may complete all 12 continuing education hours in the first year of the biennial renewal period; however, the same course cannot be completed twice within a year.
An Addendum to a Real Estate Contract is a document used to make changes, modifications, or additions to an existing real estate contract. It allows parties to clarify, supplement, or amend the terms and conditions of the original agreement.
A contract addendum cannot be legally enforced unless both parties fully understand the new terms and agree to them in writing. All parties who signed the original contract must also sign the addendum; if one or more parties are unavailable, they can appoint agents who have the authority to sign on their behalf.
A contract addendum is a post-contract attachment that modifies, alters, or totally changes some of the terms of a previously established contract. Typically, this adds something new to a preexisting document. Once all parties named in a contract agree to an addendum, it becomes a part of the new contract.
A real estate addendum modifies an original lease or purchase agreement. Items in the addendum could reflect a change in the agreed-upon price, what is included in the transfer of property, what improvements must be made before the home is paid for, or any other agreed-upon requests or responsibilities.