Under Kentucky law, all of the following are essential elements required for a valid and enforceable real estate purchase agreement EXCEPT:
Correct Answer
D) Acknowledgment before a notary public
Acknowledgment before a notary public is NOT required for a Kentucky real estate purchase agreement to be valid and enforceable. Notarization is required for deeds and certain other instruments that must be recorded with the county clerk, but a purchase agreement between buyer and seller does not require notarization to be binding. The essential elements of a valid contract are offer and acceptance, competent parties, lawful objective, consideration, and (for real estate) a written agreement with sufficient property description under KRS 371.010.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
- → In Rhode Island, a licensee submits a written purchase or lease offer to an owner. Which statement is correct?
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- → Which Rhode Island rule applies when a listing agreement lists property with a multiple listing service?
- → A Rhode Island licensee encounters a listing agreement lets the principal broker retain a portion of deposit money upon buyer default. What should the licensee remember?
- → A Hawaii licensee is reviewing the commission asks to inspect escrow and trust records. What is the best answer?
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