What is the purpose of the Kentucky Residential Property Disclosure Act?

The purpose of the Kentucky Residential Property Disclosure Act is to require sellers to disclose material defects or problems with the property to potential buyers. This legislation aims to promote transparency in residential real estate transactions, ensuring that buyers are fully informed about the condition of a property they are considering purchasing. By mandating disclosure, the act helps to build trust between buyers and sellers, ultimately protecting the interests of both parties in the real estate transaction.

This requirement to disclose property defects is crucial for managing buyer expectations and reducing the risk of disputes after the sale is complete. Without such disclosures, buyers might face unexpected issues that could entail significant repair costs or affect their enjoyment of the property, leading to dissatisfaction and potential legal challenges. Therefore, the act plays a vital role in the real estate market by fostering informed decision-making.