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Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.
Kentucky law requires sellers of residential property to complete a property condition disclosure form. The Kentucky statute states that the disclosure form does not create a warranty by the seller.
Here are eight common real estate seller disclosures to be aware of, whether you're on the buyer's side or the seller's side.Death in the Home.Neighborhood Nuisances.Hazards.Homeowners' Association Information.Repairs.Water Damage.Missing Items.Other Possible Disclosures.
The Five Elements of a ContractOffer.Acceptance.Consideration.Capacity.Lawful Purpose.
A contract of sale lists all the relevant information pertaining to the sale of a property, including such things as names and address of the buyer and seller, conditions of the sale and inclusions. Once signed, is a legally binding agreement between the purchaser and the seller.
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.
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.
Exempt Sellers include: (d) Sales or transfers by a fiduciary in the course of the administration of a trust, guardianship, conservatorship, or decedent's estate.
Distinguish between the two main parts in a standard form contract for the sale of real estate. Two sections of a standard form contract are the negotiated items that need to be "filled in," and the standard provisions that seldom need to be negotiated.