KRS § 324.360 — KY Code / Title XXVI / Chapter 324 / Section 324.360
324.360 Form for seller's disclosure of conditions
Status: in_force

324.360 Form for seller's disclosure of conditions.

(1) This section shall apply to sales and purchases involving single-family residential

real estate dwellings if any person licensed under this chapter receives

compensation.

(2) The commission shall promulgate an administrative regulation authorizing a

"seller's disclosure of conditions form."

(3) 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.

(4) 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.

(5) 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.

(6) 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.

(7) 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) 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.

(9) 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.