A Kentucky residential purchase agreement is a binding document that outlines the sale conditions of a home, specifying responsibilities for both buyer and seller. It includes details like sale price, deposit, offer validity, closing date, contingencies, and inclusion of appliances or personal property.
The process begins with a buyer’s offer, which the seller can accept, reject, or counter. Once signed, the agreement holds both parties to its terms, including payment arrangements and closing specifics.
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Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
A seller's representative is obligated to inform potential purchasers about any recognized issues with the property, including environmental dangers, structural problems, and complications with the title, according to § 324.360.
In Kentucky, sellers must disclose any significant defects in real estate, unlike some states that follow the principle of ‘caveat emptor’ where buyers are responsible for discovering property defects. Without a thorough inspection, buyers in those states might not be able to legally undo the transaction.
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