Home Purchase Agreement Kentucky

Lead-based Color Disclosure (42 U.S. Code § 4852d) – The federal government requires home sellers to provide potential buyers with documentation about the risks of lead paint if the property was assembled before 1978. The Kentucky Residential Purchase and Sale Agreement is a document that binds two (2) parties under the terms of a real estate transfer. The form will convey the nature of the property, the amount of money to be paid to the seller, how the buyer pays the compensation and any other details that will clarify the rights and obligations of both parties. In the state of Kentucky, as in many states, before signing an agreement and discussing a price, it is necessary for the potential buyer to receive a comprehensive information report affining all significant deficiencies of the property and any other information known to the seller that may influence the buyer`s offer or prevent him from buying the residence, the detailed description. The Kentucky Residential Real Estate Purchase Agreement («Offer to Purchase Real Estate») contains the terms of sale, including the amount to be paid to the Seller, how the Buyer provides the financial consideration, and the closing date of the transaction. Disclosure of seller`s ownership (section 324.360) – Since Kentucky is not a buyer, the seller of a residential property must provide the buyer with full disclosure of the condition of the property prior to signing a contract of sale. However, it is recommended that the buyer conduct a thorough investigation of the property, since the seller`s disclosure only covers known defects and should not be interpreted as a guarantee of any kind. The Kentucky Sales Contract is the standard legal document used when 2 parties wish to enter into a contract to sell and purchase a residential property…