What is required for a real estate transaction to be considered legal in Kentucky?

In Kentucky, a real estate transaction is considered legal when it involves a written contract. This requirement ensures that all parties have a clear and mutual understanding of the terms and conditions associated with the sale, lease, or exchange of real property. A written contract provides essential evidence of the agreement and protects the interests of the parties involved. It is a fundamental principle in real estate law to document agreements to minimize misunderstandings and disputes.

While oral agreements can hold some weight in certain contexts, they are not sufficient for real estate transactions under Kentucky law. Licensing of agents is crucial for professionalism and legal practice in the field, but it does not alone make a transaction legal without a proper contract. Similarly, while a signed disclosure statement is important for transparency in transactions, it does not fulfill the requirement of having a legally binding agreement. Thus, a written contract is the cornerstone of any legal real estate transaction in Kentucky.