New residents help boost the local tax base and businesses, and also mean more children enrolling in local schools. Residents have given various reasons for moving, including lower taxes and costs; politics; family values; or the desire for land ownership.
Kathy serves as Transaction Coordinator, overseeing each real estate transaction until its successful conclusion. Her joy lies in helping buyers locate their ideal property and sellers realize their desired sales price.
Legal Advice
Real estate can be confusing for anyone just getting started in the business, which is why local Realtor organizations provide such invaluable support and can also explain the laws and regulations applicable to your location. If this sounds familiar, reach out!
The Kentucky Real Estate Commission (KREC) regulates and oversees licensing for property associates, brokers, and sales agents operating within Kentucky. Their goal is to safeguard public welfare by assuring these professionals meet high standards of professionalism and ethics before becoming licensed professionals in real estate. They must pass background checks as well as submit license histories prior to working in real estate fields.
Are You Looking to Become a Real Estate Agent? Step One is Contact a Brokerage. Step Two is Filing the Pre-Licensure Application With KREC and Passing Both Parts of Real Estate Exam
Once you’ve passed your license exam and received your real estate license, the next step should be an internship to gain experience in the field. While under supervision from an experienced broker, this crucial stage gives you the chance to learn from professionals while honing your skills. As an intern you will be responsible for preparing documents, conducting inspections and meeting clients.
Note that all real estate contracts in Kentucky must be written, in order to comply with the state’s statute of frauds and are therefore non-binding if made verbally. If unsure, seek legal advice if possible before entering into any real estate transactions.
Stigmatized Property Law
Stigmas can damage a house’s value and delay sales, without being tied directly to its style or physical condition. Instead, these stigmas often stem from past events like murders, suicides, hauntings or previous owners with negative connotations that were unrelated to anything inherent to its physical design or style.
Although some potential home buyers may overlook these stigmas for a reduced price, others may be put off and decide against purchasing the property altogether. Real estate agents need to understand how stigmatized properties affect clients’ transactions.
Some states mandate sellers and agents disclose any stigmatized properties to prospective buyers; however, in other situations this information does not need to be divulged; for instance if a former owner had financial troubles that required back taxes and mortgage payments from creditors; in such instances it’s wise for a seller to conduct extensive research before purchasing the property in question.
Stigmatized properties may be difficult to sell in tight markets, leading to them remaining on the market for long periods of time and forcing the agent to lower its price multiple times in order to get it sold – this may result in frustration for both sellers and agents, not to mention clients of such properties.
Stigmatized properties are those which have a detrimental psychological effect on potential homebuyers due to unfortunate events that have taken place there, such as murder or suicide; cult activity; or even hosting a party with several attendees – though such stigmatization can be overcome, agents should know how best to handle such scenarios when handling these sales.
Some states have laws requiring sellers to disclose properties with stigmatized histories such as murder or suicide; other states do not mandate this disclosure. No matter the laws in your state regarding disclosure, sellers should always be honest with their clients about a property’s history so as to prevent potential lawsuits down the road.
Contracts
Real estate agents in Kentucky offer various services to homeowners and property sellers. They can advise homeowners on the most efficient way to sell their home, negotiate contracts and arrange financing; provide assistance for buyers searching for properties suitable to their needs and budget; assist with zoning issues, inspections or legal matters as needed.
Kentucky is an exquisite and unforgettable state, known for its southern charm, history, and natural beauty. Home of Colonel Harland Sanders (founder of KFC) as well as many country musicians. Additionally, Kentucky offers great opportunities for raising a family; activities available within its boundaries include horseback riding, bourbon tasting and visiting one of its 45 state parks.
Real estate contracts are legally-binding documents that outline the terms of an agreed-upon sale between two parties. They include information such as purchase price, closing date, contingencies and all necessary signatures; notarization may also be necessary in Kentucky law. A real estate agent can help draft one to suit your particular needs while adhering to state statute.
At any real estate transaction, it’s crucial that any negotiations take place in writing in order to prevent misunderstandings and potential disagreements between both parties. A verbal agreement cannot be enforced under the Statute of Frauds; so having all negotiations done through written contracts is vitally important. A good real estate agent can help ensure your contract contains all of the essential details.
Kentucky’s land market can be challenging for property owners who wish to sell without using an intermediary real estate agent as their representative. Prices per acre may differ significantly based on region; for instance, prime cropland in central Kentucky might fetch higher prices than mountain forestland in Appalachia; furthermore, local economies and land use factors have an effectful influence over pricing decisions.
Inspections
Home inspections are an integral component of purchasing property and can serve as a powerful negotiation tool. They help identify hidden damage as well as provide warning of issues that could surface after moving in by the buyer. Furthermore, home inspectors provide valuable services by helping maintain property standards in general.
Real estate agents should be able to recommend qualified inspectors or help you find them independently. Attend the inspection if at all possible so you can see it through an inspector’s eyes and gain a fuller picture of any issues; this may help decide whether or not you ask for a price reduction.
Examining a property can be complex and daunting, especially when attempting to define what constitutes normal wear and tear. A real estate professional must avoid making assumptions; rather they should only record what their eyes see. A visual inspection may show sinking foundations but it’s important to remember this may be due to another cause and shouldn’t be treated as an immediate crisis.
Real estate agents selling a property must disclose any known issues that could compromise its sale; otherwise, this could lead to costly litigation between seller and buyer. Furthermore, any repairs should be completed by licensed professionals as documented with receipts or warranties.
Inspections can be an anxious time for both buyers and sellers alike, particularly when major problems are found during a physical inspection. But the process can be managed successfully by staying calm and staying focused on the end goal; communication must also be clear, with both parties willing to compromise for a resolution and close the deal successfully.
Experienced real estate agents are invaluable tools when purchasing a home, as they can assist with every stage of the buying process from finding suitable properties, scheduling appraisals and inspections, to negotiating on your behalf. Furthermore, they can connect you with lenders offering mortgages for houses in your area and getting preapproved.