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Kentucky Rent-to-Own Lease Agreement

A Kentucky rent-to-own lease agreement is an instrument conveying both a rental arrangement between a landlord and their tenant as well as an eventual real estate purchase document. Since it serves two-fold purposes, all parties involved must complete the lease in a diligent fashion, including all terms that would be necessary if the property were to transfer ownership. Both parties can record tenancy-related terms, such as the monthly rent and utility costs, and sale conditions like the agreed-upon total price. In some cases, the tenant’s paid monthly rents can be allocated to a credit account that would later contribute to the full asking price — provided each party consented to such terms before signing the lease into effect.

Seller Disclosures

The following two (2) forms must be provided to a purchaser of a property in order to make them aware of any material defects or potentially toxic paint (see “Lead-Based Paint Disclosure” below).

Lead-Based Paint Disclosure – Sellers of a building constructed before the year 1978 must provide all potential buyers with a lead-based paint disclosure statement.

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Seller’s Disclosure of Property Condition (§ 324.360) – Sellers of residential property must provide potential buyers with a complete disclosure form of the property’s condition prior to signing a purchase agreement, as Kentucky is not a “buyer beware” state.

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