324.360 Form for seller's disclosure of conditions.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
This section shall apply to sales and purchases involving single-family residential
real estate dwellings if any person licensed under this chapter receives
compensation.
The commission shall promulgate an administrative regulation authorizing a
"seller's disclosure of conditions form."
The form shall provide for disclosure by the seller of the following:
(a) Basement condition and whether it leaks;
(b) Roof condition and whether it leaks;
(c) Source and condition of water supply;
(d) Source and condition of sewage service;
(e) Working condition of component systems; and
(f) Other matters the commission deems appropriate.
The seller of the property shall complete and sign the form at the time he or she
executes any listing agreement or similar agreement by which a licensee intends to
market the property. A copy of the form shall be provided by the listing agent to any
prospective buyer or a buyer's authorized representative upon request. A copy of the
form shall be delivered by the listing agent to any prospective purchaser or his
representative within seventy-two (72) hours of the listing agent's receipt of a
written and signed offer to purchase. The listing agent shall solicit the signature of
the buyer on a copy of the form which the listing agent shall retain in the principal
broker's records. The signature shall evidence the listing agent's compliance with
the provisions of this section. Should the buyer refuse to sign the form, the licensee
shall record the buyer's refusal to sign on the form and retain a copy in his principal
broker's records.
If the subject property is offered for sale by the property's owner without a listing
agreement, any licensee involved in the transaction shall provide a blank form to the
property's owner and shall request that the property's owner complete and sign the
form. If the property's owner completes and signs the form, the licensee shall
deliver the form to the buyer or potential buyer not later than one hundred twenty
(120) hours after the creation of any executory contract for sale of the property. The
licensee shall solicit the signature of the buyer on a copy of the form as delivered to
the buyer or prospective buyer and shall retain the copy in his or her principal
broker's records. The signature of the buyer or prospective buyer shall evidence the
listing agent's compliance with the provisions of this section. Should the buyer
refuse to sign the form, the licensee shall record the buyer's refusal to sign on the
form and retain a copy in his or her principal broker's records.
The original of the form shall be retained by the listing broker or by the broker of
any licensee who presents an offer on a property not subject to a listing agreement.
The form shall not be required for residential purchases of new homes if a warranty
is offered, for a sale of real estate at an auction, or for a court supervised
foreclosure.
(8)
(9)
If the seller refuses to complete and sign the form, his refusal shall be
communicated in writing by the broker or sales associate who is involved in the
transaction to the purchaser or prospective purchaser, without unreasonable delay.
It shall be a violation of this chapter for a licensee to complete any portion of the
form unless the licensee is the owner of the property or has been requested by the
owner to complete the form. The request shall be acknowledged in writing on the
form and the licensee shall be held harmless for any representation that appears on
the form.
Effective: July 14, 2000
History: Amended 2000 Ky. Acts ch. 488, sec. 29, effective July 14, 2000. -- Created
1992 Ky. Acts ch. 448, sec. 1, effective July 14, 1992.
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