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Property Disclosure Kentucky document sample
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To be completed when drafting an offer.
AGENCY DISCLOSURE STATEMENT -- BUYER
The real estate agent who is providing you with this form is required to do so by Kentucky law. The purpose of this form is to
confirm that you have been advised of the role of the agent(s) in the transaction proposed below.
Buyer(s):__________________________________________________________________________________________
Property Address:___________________________________________________________________________________
I. TRANSACTION INVOLVING TWO AGENTS IN TWO DIFFERENT BROKERAGES
The Buyer(s) is represented by _____________________________________________________________
AGENT
_________________________________________________________________________________________________
NAME OF BROKERAGE AND PRINCIPAL BROKER’S NAME
II. TRANSACTION INVOLVING TWO AGENTS IN THE SAME BROKERAGE
If two agents in the same real estate brokerage represent both the Seller and the Buyer, check the following relationship that will
apply:
Designated Agency:
Agent(s) _______________________________________ of_________________________________________________
represents the Buyer and another Agent(s) in the same firm represents the Seller. The principal broker and managers will be
“dual agents,” which is explained on the back of this form. As dual agents, they will remain loyal to both parties in the
transaction, and they will protect all parties’ confidential information; OR
Dual Agency:
Every agent in the brokerage represents every “client” of the brokerage. Therefore, Agent(s)___________________________
and_________________________________________________________ will be working for both the Seller and Buyer as
“dual agents”. Dual agency is explained on the back of this form. As a dual agent, they will remain loyal to both parties in
the transaction, and they will protect all parties’ confidential information. To the best of the Agent’s knowledge, neither the
agent(s) nor the principal broker acting as a dual agent in this transaction has a PERSONAL, FAMILY, or BUSINESS
relationship with either the Seller or Buyer. If such a relationship does exist, please explain:
____________________________________________________________________________________________________
____________________________________________________________________________________________________
III. TRANSACTION INVOLVING ONLY ONE REAL ESTATE AGENT
(Mark the appropriate box.)
Agent ________________________________________ and real estate brokerage _____________________________________will
be a “dual agent” representing both parties in this transaction. Dual agency is explained on the back of this form. As dual
agents they will remain loyal to both parties, and they will protect all parties’ confidential information. To the best of the
agent’s knowledge, neither the agent(s) nor the brokerage acting as a dual agent in this transaction has a PERSONAL,
FAMILY, or BUSINESS relationship with either the Seller or Buyer. If such a relationship does exist, please
explain:______________________________________________________________________________________________
_________________________________________________________________________________________________; OR
represent only the (check one) Buyer or Seller neither in this transaction as a client. The other party(ies) is not
represented and agrees to represent his/her own best interest. Any information provided the agent may be disclosed to the
agent’s client.
CONSENT
I (we) consent to the above relationships as we enter into this real estate transaction. If there is a dual agency or designated agency in this transaction, I (we)
acknowledge reading the information regarding dual agency or designated agency explained on the back of this form.
_______________________________________________________________
BUYER(S) DATE/TIME
________________________________________________________________
BUYER(S) DATE/TIME
This contract is for use by Maria Gnas. Use by any other party is illegal and voids the contract.
Form 34 B Page 1 of 2 8/06
DUAL AGENCY
Kentucky law permits a real estate agent and brokerage to represent both the Seller and Buyer in a real estate transaction as long as
this is disclosed to both parties and they both agree. This is known as dual agency. As a dual agent, a real estate agent and brokerage
represent two clients whose interests are, or at times could be, different or adverse. For this reason, the dual agent(s) may not be able to
advocate on behalf of the client to the same extent the agent may have if the agent represented only one client.
As a dual agent, the agent(s) and brokerage shall:
• Treat both clients honestly;
• Disclose latent (not readily observable) material defects to the purchaser, if known by the agent(s) or brokerage;
• Provide information regarding lenders, inspectors and other professionals, if requested;
• Provide market information available from a property listing service or public records, if requested;
• Prepare and present all offers and counteroffers at the direction of the parties;
• Assist both parties in completing the steps necessary to fulfill the terms of any contract, if requested.
As a dual agent, the agent(s) and brokerage shall not:
• Disclose information that is confidential, or that would have an adverse effect on one party’s position in the transaction,
unless such disclosure is authorized by the client or required by law;
• Advocate or negotiate on behalf of either the Seller or Buyer;
• Suggest or recommend specific terms, including price, or disclose the terms or price a Buyer is willing to offer or that a Seller
is willing to accept;
• Engage in conduct that is contrary to the instructions of either party or act in a biased manner on behalf of one party.
Responsibilities of the Parties: The duties of the agent and brokerage in a real estate transaction do not relieve the Seller and Buyer
from the responsibility to protect their own interests. The Seller and Buyer are advised to carefully read all agreements to assure that
they adequately express their understanding of the transaction. The agent and brokerage are qualified to advise on real estate matters. IF
LEGAL OR TAX ADVICE IS DESIRED, YOU SHOULD CONSULT THE APPROPRIATE PROFESSIONAL.
Consent: By signing on the reverse side, you acknowledge that you have read and understand this form and are giving your voluntary,
informed consent to the agency relationship disclosed. If you do not agree to the agent(s) and/or brokerage acting as a dual agent, you are
not required to consent to this agreement.
DESIGNATED AGENCY
If both Seller and Buyer consent, the broker responsible for a real estate office may designate agents to represent the Seller and the
Buyer to the exclusion of all other agents associated with his office. The Buyer will become the client of the agent designated to
represent him and the Seller will become the client of the agent designated to represent him. Designated agency allows two licensees
in the same firm to represent different parties to a real estate transaction. The principal broker serves as a dual agent in a designated
agency transaction. Consent of the client is always needed to create designated agency.
This contract is for use by Maria Gnas. Use by any other party is illegal and voids the contract.
Form 34 B Page 2 of 2 8/06
BUYER REPRESENTATION AGREEMENT
This is a legally binding contract. If not understood, seek legal advice.
For use only by members of the Lexington-Bluegrass Association of REALTORS
Buyer(s)________________________ hereby retain _________________________ (Broker), through _______________________ (Agent) to be the
Keller Williams Bluegrass Real Maria Gnas
representative of Buyer to identify and locate property of the type generally described below, or other property acceptable to Buyer, and to assist
Buyer in negotiating terms and conditions acceptable to Buyer to purchase such property. The term of this agreement is from _________________,
20___ until midnight on ___________________, 20___, (Term). If a contract to purchase property is executed by Buyer prior to the expiration of
the Term, the Term shall extend until final disposition of the contract to purchase.
Property Type General Description. General Location:_________________________________ Price Range:_________________
( )Residential ( )Multi-Housing ( )Commercial ( )Investment ( )Industrial ( )Farm ( )Vacant Land
Broker's Obligations/Agency. Broker agrees to use diligence in identifying property acceptable to Buyer and assisting Buyer in negotiating terms
and conditions for the purchase, lease, option, or exchange of said property. Buyer acknowledges receipt of Agency Information for Consumers,
which specifies the agency relationships that Broker, Agent, and other agents affiliated with Broker may engage in, and Buyer specifically consents
to same.
Potential Dual Agency. A dual agency relationship occurs when the broker represents both the Buyer and Seller in the same transaction. Broker
may represent both the Buyer and Seller as his clients, but only with written consent of both clients. Buyer acknowledges that dual agents are
prohibited from disclosing confidential information of one of his clients, even to another client.
Compensation to Broker. Buyer agrees that Broker earns the agreed upon compensation when, during the term of this agreement, Buyer or any
person acting on Buyer’s behalf, acquires an interest in any property, or enters into an agreement to acquire a property, substantially conforming to
the general description contained herein. Compensation to be paid to Broker is as follows:
A. For MLS-listed properties, Broker will seek compensation from B. For property NOT listed on the MLS, Broker will first seek
the listing broker pursuant to the terms of the MLS of which the compensation from Seller pursuant to a written agreement. If Seller
Broker is a participant. Compensation shall not be less than ___% refuses to enter into such agreement, Buyer agrees to pay Broker
of the purchase price. ___% of the purchase price.
Buyer agrees to cooperate with Broker to secure this payment from Seller and/or Seller's Broker. If Broker is unsuccessful in negotiating all or part
of the fee, Buyer agrees to pay Broker the balance of the fee from the Buyer's own funds. Buyer understands and agrees that the payment of the
Broker's fee in whole or in part by the Seller should not be construed to mean that Broker is an agent of the Seller,
Other Potential Buyers. Buyer understands that other potential buyers may consider, make offers on, purchase, lease, exchange, or otherwise
acquire through Broker the same or similar properties as Buyer seeks to acquire. Buyer consents to Broker's representation of such potential buyers
before, during, and after the expiration of this Agreement.
Fair Housing Statement. Buyer understands that Federal Fair Housing Law prohibits discrimination in the sale, rental, appraisal, financing or
advertising of housing on the basis of race, color, sex, creed, religion, national origin, handicap or familial status. Buyer acknowledges receipt of a
copy of the brochure entitled, "What Kentucky's Fair Housing Law Means" from Broker.
Sex Offender Registry. Kentucky’s Megan’s Law establishes a registry of certain convicted sex offenders. The registry can be found at
http://kspsor.state.ky.us/. Broker has no obligation to determine if any sex offender resides near a property in which Buyer is interested.
Notice to Cancel. Broker or Buyer may cancel this agreement with ten (10) days written notice and without cause.
Indemnification. Buyer recognizes that Broker is relying on information provided herein or supplied by Buyer and agrees to indemnify and hold
harmless the Broker and Broker's agents and employees from any claims, demands, suits, liabilities, costs, and expenses (including reasonable
attorney fees) arising out of the misrepresentation or concealment of facts by the Buyer.6
Sole Contract. The parties agree that this constitutes their entire agreement and that no oral or implied agreement exists. Any amendments to this
contract shall be made in writing, signed by all parties and shall be attached to the original agreement.
Buyer’s Acknowledgment. Buyer acknowledges receipt of a copy of this agreement.
Agent/Broker Signature Buyer Signature Buyer Signature
Print Name: Maria Gnas Print Name: Print Name:
Date/Time: Date/Time: Date/Time:
Form 36 Rev 3/02
This contract is for use by Maria Gnas. Use by any other party is illegal and voids the contract.
Lexington-Bluegrass Association of REALTORS®
For use only by members of the Lexington-Bluegrass Association of REALTORS®
INSPECTIONS AGREEMENT FORM
Today’s Date _________________ Contract Date _________________ Contract # _______________ Page ____ of ____
PROPERTY ADDRESS:
__________________________________________________________________________________________________________
[ ] The BUYER(S) has made the inspections and finds the property satisfactory and no repairs are requested.
- OR-
[ ] The BUYER(S) has made the inspections and pursuant to paragraph 7 (d) request the SELLER(S) make the following repairs:
Note that, per the contract agreed to between BUYER and SELLER, the following ARE NOT to be included below:
1. Cosmetic imperfections (items NOT relating to standard operating condition).
2. Repairs needed to bring property to the current building code.
3. Any defect already disclosed on the Seller’s Disclosure of Property Condition form.
Item(s) to be repaired (Be specific)
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
BUYER: __________________________ Date/Time:__________ BUYER: ___________________________Date/Time:___________
The seller(s) representative received this notification on _________________/_______________/_______________.
Date Time Agent(s) Initials
Seller(s) acknowledges receipt of this form on_____________________/________________/_______________.
Date Time Seller(s) Initials
Seller(s) agrees to make the repairs as indicated above.
SELLER: _________________________ Date/Time:__________ SELLER: _________________________ Date/Time:___________
Buyer(s) agrees to accept Seller(s) repairs as indicated above.
BUYER: __________________________ Date/Time:__________ BUYER: _________________________ Date/Time:___________
***************************************************************************************************************************
FINAL WALK THROUGH CONFIRMATION
Pursuant to the inspection paragraph in the above referenced contract BUYER(S) has inspected the property and accepts the property in its present
condition unless otherwise agreed to in writing.
BUYER: __________________________ Date/Time:__________ BUYER: ___________________________ Date/Time:___________
If you have specific questions please consult an attorney.
FORM NO. 011 The Lexington-Bluegrass Association of Realtors disclaims any and all liability that may result from your use of this form. REV 7/07
This contract is for use by Maria Gnas. Use by any other party is illegal and voids the contract.
LEXINGTON-BLUEGRASS ASSOCIATION OF REALTORS
2250 Regency Road 276-3503
ADDENDUM TO UNIFORM REAL ESTATE SALES AND PURCHASE CONTRACT
For use only by members of the Lexington-Bluegrass Association of Realtors
DISCLOSURE OF INFORMATION AND ACKNOWLEDGMENT OF LEAD-BASED PAINT AND/OR HAZARDS
TODAY’S DATE:___________________ CONTRACT DATE:________________ CONTRACT #______________
PROPERTY ADDRESS:____________________________________________________________________________
Lead Warning Statement
Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present
exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce
permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also
poses a particular risk to pregnant women The seller of any interest in residential real property is required to provide the buyer with any information on lead-
based paint hazards from risk assessments or inspections in the seller’s possession and notify the buyer of any known lead-based paint hazards. A risk assessment
or inspection for possible lead-based paint hazards is recommended prior to purchase.
Seller’s Disclosure (Initial)
__________ (a) Presence of lead-based paint and/or lead-based paint hazards (check one below):
Known lead-based paint and/or paint hazards are present in the housing. (explain):
______________________________________________________________________________________
______________________________________________________________________________________
Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing.
__________ (b) Records and Reports available to the seller (check one below):
Seller has provided the purchaser with all available records and reports pertaining to lead-based paint and/or
lead-based hazards in the housing (list documents below):
______________________________________________________________________________________
______________________________________________________________________________________
Seller has no reports or records pertaining to lead-based and/or lead-based paint hazards in the housing.
Purchaser’s Acknowledgment (Initial)
__________ (c) Purchaser has received copies of all information listed above
__________ (d) Purchaser has received the pamphlet Protect Your Family From Lead in Your Home
__________ (e) Purchaser has (check one below):
Requested opportunity to conduct a risk assessment or inspection for the presence of lead-based paint or lead-
based hazards under the same terms and conditions as “Other Inspections”. (See the offer to purchase
contract.)
Waived the opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or
lead-based paint hazards.
Agent’s Acknowledgment (Initial)
__________ (f) Agent has informed the seller of the seller’s obligations under 42 U.S.C. 4852d and is aware of his/her responsibility
to ensure compliance.
Certification of Accuracy
The following parties have reviewed the information above and certify, to the best of their knowledge, that the information they
have provided is true and accurate.
Seller____________________ Date__________ Buyer____________________ Date__________
Seller____________________ Date__________ Buyer____________________ Date__________
Agent____________________ Date__________ Agent____________________ Date__________
Maria Gnas
Form #45 If you have specific questions please consult an attorney. The Lexington-Bluegrass Association of Realtors disclaims any and all Revised 01/02
liability that may result from your use of this form.
This contract is for use by Maria Gnas. Use by any other party is illegal and voids the contract.
INTRODUCTION HOMESELLERS/HOMEBUYERS DISPUTE Steps Toward Mediation
RESOLUTION SYSTEM MEDIATION
Although a majority of real estate transactions First, the party who has the dispute needs to
close without incident, there is a possibility that Access to Service contact the other party and discuss the problem.
a problem or dispute will occur. When a dispute If the two parties cannot agree on a resolution
does arise, it is usually successfully resolved Mediation can be used by any of the parties to a to the problem, then the Mediation Center will
through normal channels of communication and real estate transaction -- sellers, buyers, schedule a mediation session. Both parties
negotiation. Occasionally, a dispute arises brokers, builders, home inspectors, etc. With need to call the Mediation Center, 859/246-
which the parties cannot resolve themselves. In the exemption of controversies that are subject 2664, in order to start the mediation scheduling
the past, when this has happened, parties took to hearing under REALTOR® Professional process. The typical session will last
their cases to court. Today, they are taking Standards procedures, including disputes approximately three hours and is held at the
their disputes to mediation. between REALTORS, almost any type of dispute Mediation Center office.
that arises from the transaction can be
mediated. Mediators
WHAT IS MEDIATION
Mediation is a process in which disputing parties Rules and Regulations Mediators at the Center have professional
attempt to resolve their disagreements with the backgrounds and have been specially trained to
help of an impartial, trained third party -- the How, when and by whom mediation is initiated conduct mediation. While many mediators are
mediator. The mediator does not offer opinions, and conducted is covered under the Mediation attorneys, a law degree is not required. All
pass judgment, or render binding decisions. Center of Kentucky's guidelines. The guidelines mediators are required to be knowledgeable
The mediator's only function is to help parties ensure fairness, uniformity, and expediency. with the major issues in a real estate case
identify their differences and reach agreement before being assigned to the case.
on how to resolve them. Agreeing to Mediate
Role of the Attorney
When the disputing parties have reached and When homesellers/homebuyers enter into a
agreed on a mutually acceptable solution, they sales contract they may choose to sign a Although parties to the mediation have the right
sign a written agreement which outlines the mediation clause or an addendum which to be represented by counsel, attorneys do not
terms of the settlement. Once the agreement is includes mediation. The clause states, in part, have to participate in the mediation conference.
signed, parties are legally bound to abide by its that parties agree to submit any dispute or claim Parties should have legal questions or concerns
terms. If the parties cannot reach a mutually that arises from the transaction to mediation answered by an attorney. Mediators will not
agreeable settlement, they are free to arbitrate under the guidelines of the Mediation Center of give the parties legal advice during the
or litigate. Kentucky. Once the contract or addendum is mediation session.
signed by the parties, parties must submit their
In addition to being easier, faster, and less disputes to mediation. Parties who do not pre- Fees
expensive than litigation, mediation is non- commit to mediation when the sales contract
adversarial. Decisions rendered by an arbitrator was executed may still choose mediation to Fees for mediation services are established by
or judge usually involve a winning party and a resolve a dispute. The same process and the Mediation Center of Kentucky. The
losing party. In mediation, there are no losing guidelines apply to parties who have not pre- Mediation Center requires that the fee is paid by
parties because the parties have been part of committed to mediate. both parties prior to the scheduling of the
the process and together have agreed on the
mediation session.
terms of the settlement.
MEDIATION
BENEFITS OF MEDIATION CENTER
Control The outcome of mediation is controlled OF KENTUCKY
by the parties – not by the mediator or an
outside authority who imposes a solution.
Less Adversarial The mediation process is
informal because most parties enter mediation
in “good faith”, meaning they come to the table
with the intention of trying to resolve the matter. Homesellers/Homebuyers
DISPUTE RESOLUTION
Preserves Option Parties can enter into
mediation without jeopardizing their option to SYSTEM
arbitrate or litigate.
Swift Settlement Mediation often leads to a
resolution much sooner than litigation.
MEDIATION PROGRAM
Lower Cost Mediation usually minimizes legal
and preparatory costs; productivity is
maximized; and the fees and expenses of
mediation itself are modest.
Preservation of Relationships By reaching A FAST, EASY, AND
an early, mutually satisfactory agreement,
chances for preserving personal or business INEXPENSIVE ALTERNATIVE
relationships are greatly enhanced. TO LITIGATION
Creative Solutions Mediators help parties
fashion creative solutions that may not be
obvious to the parties or available through court.
For more information, please contact:
LEXINGTON-
Mediation Center of Kentucky
177 North Upper Street, Suite 102 BLUEGRASS
Lexington, KY 40507-1100 ASSOCIATION OF
(859) 246-2664 REALTORS®
Fax (859) 246-2663
mckinc@LEX.infi.net
Printed 9/02
