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A purchase agreement is the most common type of real estate agreement. This contract specifies the details regarding the sale of property. It will include the address of the property, the price, names of both parties, signatures of both parties, and the closing date.
THE DESCRIBED PROPERTY IS SOLD AS-IS WITHOUT ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE CONDITION OF SUCH PROPERTY . BY ACCEPTING THIS BILL OF SALE, BUYER(S) REPRESENT THAT BUYER(S) HAVE PERSONALLY INSPECTED THE DESCRIBED PROPERTY AND ACCEPTS THE PROPERTY AS-IS.
Kentucky requires that all real estate contracts include a sellers disclosure and a lead-based paint disclosure. such as whether it is free from defects or liens. Addition terms. Terms and conditions agreed upon by both parties like the inclusion of fixtures, appliances, or furniture.
You usually cannot cancel a contract, but there are times when you can. You can cancel some contracts within certain time limits. Some contracts must tell you about your right to cancel, how to cancel them, and where to send the cancellation notice.
Kentucky requires that prior to the signing of a contract, the potential buyers receive a full disclosure report which includes: Sellers disclosure of property conditions, which requires a seller of a property to provide a buyer with a full disclosure of the condition of the property before an agreement can be signed.
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To be legally binding, both you and the buyer must sign the real estate contract. You can back out without consequences if the contract is still verbal and has not yet been legally signed.
Once both parties have agreed to the terms of a sales and purchase contract, have signed that contract, and the acceptance is communicated back to the offeror, it is binding on both parties. There is no right of rescission.
However, once both parties have signed a purchase agreement, it is fully, legally binding. If you want to back out of a contract, you might have to pay a penalty, depending on the terms of the contract. A contingency clause can allow you to back out of a contract without paying a penalty to the other party.

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