Two co-owners of a Kentucky investment property, James and Derek, decide that James will buy out Derek's ownership interest. Derek's real estate agent asks whether the Kentucky Seller Disclosure form must be completed for this transfer. Which answer is correct?
Correct Answer
C) The disclosure form is not required because transfers between co-owners are exempt under KRS 324.360.
KRS 324.360 exempts transfers between co-owners from the seller disclosure requirement. Because James and Derek are existing co-owners of the property, Derek's transfer of his interest to James qualifies for this specific statutory exemption, and the disclosure form is not required.
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Related Topics & Key Terms
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