Contracts
Kentucky's seller's disclosure requirement exempts which of the following transactions?
ASales of occupied single-family homes
BSales of newly constructed homes not previously occupied and sales between family members (in some jurisdictions)✓ Correct
CShort sales approved by the lender
DSales of condominiums
Explanation
Kentucky's seller's disclosure requirements typically exempt new construction (never occupied) and certain other transactions such as transfers between family members, estate sales, or court-ordered sales.
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Key Terms to Know
Short Sale
A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
Disclosure Requirements
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