What is the purpose of the Agency Disclosure Statement in Kentucky residential transactions?

The purpose of the Agency Disclosure Statement in Kentucky residential transactions is to confirm the role of the agent and obtain client consent. This document serves to clarify the nature of the relationship between the agent and the client, ensuring that all parties understand the obligations and responsibilities involved. In Kentucky, it's important for buyers and sellers to know whether the agent represents them as a client or works as a facilitator in a transaction. By obtaining the client's consent, the agent can proceed with the fiduciary responsibilities that come with this representation, cultivating an environment of trust and transparency in the real estate process. This legal framework is essential for protecting the interests of all involved in a transaction. Understanding the specific role of the agent helps prevent misunderstandings and establishes clear expectations for the working relationship.