A Kentucky property disclosure statement is used by home sellers to detail the condition of their real estate and report defects to potential buyers. 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 mandatory if the real estate being sold is a single-family residential property and 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.
Laws – § 324.360
Purchase Agreement – This contract is used to establish terms between a buyer and seller concerning the sale of residential real estate.