Contracts
In Kentucky, a purchase contract that includes personal property (such as appliances) in the sale should:
AList the personal property separately in a bill of sale or addendum✓ Correct
BInclude only the real property in the deed
CReport the personal property value to the county PVA
DNot include personal property, as it must be sold separately
Explanation
Including personal property in the real estate contract is acceptable, but it is best practice to list it specifically in the contract or a separate bill of sale to avoid disputes at closing.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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