Like the other states in America, Kentucky real estate laws are unique to the state, and they fall within the Kentucky Revised Statutes.
If you are going to buy a home or property in Kentucky, then you have to follow Kentucky real estate laws. However, the procedure of buying a home or property can be hard to understand for anyone, including the buyer. Do not worry. We are here to make it easy. Use this article to learn everything you need to know about Kentucky real estate laws.
Before buying a home or property, a buyer should check its condition and should ask for disclosure from the seller as well.
What are the seller’s disclosure obligations under Kentucky real estate laws?
A seller should be aware of Kentucky’s disclosure requirements. If there are any defects in the selling property, the seller should disclose those defects. They should make this disclosure before signing the sale or purchase agreement.
Kentucky Disclosure Law for Home Sales
According to Section 324.360 of the Kentucky Revised Statutes, a seller needs to disclose any property defects to the potential buyer. The law mandates the seller to do this. The seller has to fill in a form the Kentucky Real Estate Commission supplies.
There are four pages in that form with ten categories covering various elements of selling a home.
- If there are any problems with the house’s system including plumbing, electric, heating etc.
- Foundation or structure condition of the basement, including if there are any leaks
- If there are any problems with the roof or it has been recently repaired
- Whether there are any flooded zones in the property or the land or there are any problems with the drainage system
- If there are any problems with the boundaries of the property under Kentucky real estate laws
- Whether there are any problems with drinking water
- If there are any problems with the sewerage system such as a septic tank problem
- Whether there were any changes made or any remodeling was done to the construction of the home
- If the home seller had any issues with the homeowner associations
- Whether there are any environmental hazards like radon gas or asbestos in the home
This four-page form will help the potential buyer learn about the actual condition of the home or the property. The buyer will get a complete synopsis of the home or property when the home seller submits this disclosure form. The seller may add more information regarding the condition of the home or property.
From the above, it is clear that the home seller must follow Kentucky real estate laws and disclose all the defects of the property to the potential home buyer before they sign the purchase agreement. If the home seller fails to disclose the defects of the property, the buyer may file a lawsuit against the seller to gain remedies for his losses.
If you have any queries about Kentucky real estate laws, please do contact our learned lawyer.