This form is a Release of a Purchase Contract for Real Estate. The form must include the name of the seller, the name of the purchaser, and a legal descripton of the property.
Kentucky Release of Purchase Contract - Residential
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FAQ
So, what does this mean? Currently, the Indiana Code and Kentucky Revised Statutes do not require the disclosure of these stigmas, nor does federal law. So you aren't required to tell a buyer about the ghosts in the basement.
The disclosure form is clear that you are under no obligation to verify any of your disclosures with a formal inspection or engineering report. You need only disclose defects or conditions about which you actually know, based on your observations and having lived in the property.
In Kentucky, a seller can get out of a real estate contract if the buyer's contingencies are not metthese include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale.
Can a home seller back out after a sale? Yes, a home seller can back out of a real estate contract, but only in instances in which they're willing to compensate the buyer for their trouble, or they sold to a buyer who is also experiencing buyer's remorse.
Kentucky requires these items for a real estate sale:Two Forms of ID.Copy of Purchase Agreement and Any Addendums.Closing Statement.Signed Deed.Bill of Sale.Affidavit of Title.All the Kentucky Disclosure Forms. Seller Disclosure of Property Condition. Lead-Based Paint Disclosure. Flood Zone Statement.
As a seller, you can always change your mind after accepting an offer on a house, but unfortunately changing your mind doesn't guarantee you'll be able to back out of the agreement especially if a house purchasing agreement is in place.
The Seller Disclosure of Property Condition applies to all sales and purchases of residential real estate in Kentucky, except for in the case of a court supervised foreclosure, a sale of real estate at auction or residential purchases of new homes if a warranty is offered.
Can seller back out? Yes, it is possible. That is, if the seller can offer compensation to the buyer or if the buyer regrets his purchase. Timing is also of essence things will be much easier before the purchase agreement is signed.
Put simply: You can't evict the buyer under a land contract. The Kentucky Supreme Court has ruled that a default on a land contract must be treated like a default on a mortgage debt. In other words, the owner must file a foreclosure action and the property will be sold at a judicial auction.
Sellers of residential property are required by state law to disclose to prospective buyers certain defects with their home that could impair its value. These disclosures must be made in writing before any purchase contract is signed.