Residential Real Estate Sales Disclosure Statement
324.360 Form for seller's disclosure of conditions.
(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.
(4) The seller of the property shall complete and sign the form at the
time he or she executes any listing agreement or similar agreement by which
a licensee intends to market the property. A copy of the form shall be
provided by the listing agent to any prospective buyer or a buyer's authorized
representative upon request. A copy of the form shall be delivered by the
listing agent to any prospective purchaser or his representative within
seventy-two (72) hours of the listing agent's receipt of a written and
signed offer to purchase. The listing agent shall solicit the signature
of the buyer on a copy of the form which the listing agent shall retain
in the principal broker's records. The signature shall evidence the listing
agent's compliance with the provisions of this section. Should the buyer
refuse to sign the form, the licensee shall record the buyer's refusal
to sign on the form and retain a copy in his principal broker's records.
(5) If the subject property is offered for sale by the property's owner
without a listing agreement, any licensee involved in the transaction shall
provide a blank form to the property's owner and shall request that the
property's owner complete and sign the form. If the property's owner completes
and signs the form, the licensee shall deliver the form to the buyer or
potential buyer not later than one hundred twenty (120) hours after the
creation of any executory contract for sale of the property. The licensee
shall solicit the signature of the buyer on a copy of the form as delivered
to the buyer or prospective buyer and shall retain the copy in his or her
principal broker's records. The signature of the buyer or prospective buyer
shall evidence the listing agent's compliance with the provisions of this
section. Should the buyer refuse to sign the form, the licensee shall record
the buyer's refusal to sign on the form and retain a copy in his or her
principal broker's records.
(6) The original of the form shall be retained by the listing broker
or by the broker of any licensee who presents an offer on a property not
subject to a listing agreement.
(7) 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.
(8) If the seller refuses to complete and sign the form, his refusal
shall be communicated in writing by the broker or sales associate who is
involved in the transaction to the purchaser or prospective purchaser,
without unreasonable delay.
(9) It shall be a violation of this chapter for a licensee to complete
any portion of the form unless the licensee is the owner of the property
or has been requested by the owner to complete the form. The request shall
be acknowledged in writing on the form and the licensee shall be held harmless
for any representation that appears on the form.
Effective: July 14, 2000
History: Amended 2000 Ky. Acts ch. 488, sec. 29, effective July 14,
2000. -- Created
1992 Ky. Acts ch. 448, sec. 1, effective July 14, 1992.