A Kentucky property disclosure statement is used by home sellers to detail the condition of their real estate and identify defects of which potential buyers must be made aware. In the statement, the seller reveals their knowledge of damages and issues affecting the property, including any hazards or contaminants that may exist on the premises. The seller must also specify when certain property features have been inspected, repaired, or replaced. This disclosure is required if the real estate being sold is a single-family residential property and if any real estate licensee involved in the transaction will receive compensation.
If the seller has signed a listing agreement, the listing agent must deliver the completed disclosure to buyers within seventy-two (72) hours of receiving a signed purchase offer. If there is no listing agreement, a blank copy of the disclosure shall be given to the seller by any licensee involved in the transaction, with the request that the seller completes the form. If the seller completes the form, the licensee must deliver the disclosure to buyers no more than one hundred twenty (120) hours after a purchase contract has been executed.
Laws – § 324.360
Purchase Agreement – This contract is used to establish terms between a buyer and seller concerning the sale of residential real estate.