Buying real estate is a massive commitment. It means investing tens or likely hundreds of thousands of dollars in a single asset and then making payments for decades. You want to make sure that the price you pay reflects the condition of the property and its resale value.
Unfortunately, sellers want as much as they can get on a transaction, which gives them an incentive to misrepresent the condition of the property. Why are your rights as a buyer if that happens?
The seller has a legal obligation to make disclosures
Real estate laws in Kentucky are very clear about the obligations of those selling real estate. They need to make full, written disclosures to prospective buyers about known issues with the property. Sometimes, the misrepresentation of the property will come to light during the inspection process. Other times, buyers may not learn about the issue until after taking possession of the property.
Buyers who discover an issue during the inspection stage of the purchase can potentially cancel the transaction or negotiate a new price. Buyers who discover the issue later may need to make a claim against the seller or their real estate agent.
There may be errors and omissions insurance that applies if the agent was aware of the issue, and the civil courts might rule in your favor if you can prove that the seller knew about the issue but did not include it in their disclosure.
Learning the laws that apply to Kentucky real estate transactions will help you protect yourself during a very expensive purchase.