David is a licensed Kentucky real estate agent representing the seller of a condominium unit in Covington. The buyer's agent asks David when the resale certificate must be delivered to the buyer. David knows the purchase contract was signed two weeks ago. Under the Kentucky Condominium Act, which statement best describes the timing requirement for delivering the resale certificate?
Correct Answer
A) The resale certificate must be delivered to the buyer at the time of or before the execution of the purchase contract
Under the Kentucky Condominium Act (KRS Chapter 381.9101 et seq.), the resale certificate must be provided to the buyer at the time of or before the execution of the purchase contract, or the buyer must be given the right to rescind after receiving it. The intent of the law is to ensure the buyer has access to critical association information before committing to the purchase. Since the contract was already signed two weeks ago without delivery of the resale certificate, the buyer's rescission rights may still be active until the certificate is properly delivered and the 3-day window runs.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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