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Kentucky Purchase or Sale of Real Property - Land or Lot - Questionnaire

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Multi-State
Control #:
US-Q1036
Format:
Word; 
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Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in a lot or land sale matter. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney’s case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client’s needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

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.

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.

Any purchase agreement should include at least the following information:The identity of the buyer and seller.A description of the property being purchased.The purchase price.The terms as to how and when payment is to be made.The terms as to how, when, and where the goods will be delivered to the purchaser.More items...?

As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.

Things to include in a letter of intent to purchaseThe full names of the buyer and the seller.The complete address of the property.The agreed-upon purchase price.The agreed-upon earnest deposit.The date of signing the SPA.The terms and conditions that surround the earnest deposit.More items...?

The public has demanded this increased level of information. But, there are 12 states that are still considered non-disclosure: Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah and Wyoming.

(Rupees ), will be received by the FIRST PARTY from the SECOND PARTY, at the time of registration of the Sale Deed, the FIRST PARTY doth hereby agree to grant, convey, sell, transfer and assign all his rights, titles and interests in the said portion of the said property, fully

The assessment of your residential property is based on the market value as of January 1 of each year. The Property Valuation Administrator gathers characteristics about each property, researches local sales, and utilizes valuation models to determine your property assessment.

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.

Thus, a sale of real property, though not consigned in a public instrument or formal writing, is, nevertheless, valid and binding among the parties, for the rule is that even a verbal contract of sale of real estate produces legal effects between the parties.

More info

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Kentucky Purchase or Sale of Real Property - Land or Lot - Questionnaire