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Kentucky Contract for Sale and Purchase of Real Estate

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CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE (NO BROKER)

Buyer Initials ______ _______ - 1 - Seller Initials _______ _______

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,

, “Seller” whether one or more, and

, “Buyer” whether one or more,

do hereby covenant, contract and agree as follows:

1. AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agrees to buy from Seller the property described as follows:

County, Kentucky.

Address:

Legal Description (or see attached exhibit):

As described in attached Exhibit.

Together with the following items, if any: (Strike items to be retained by Seller) curtains and rods, draperies and rods, valances, blinds, window shades, screens, shutters, awnings, wall-to-wall carpeting, mirrors fixed in place, ceiling fans, attic fans, mail boxes, television antennas and satellite dish system with controls and equipment, permanently installed heating and air-conditioning units, window air-conditioning units, built-in security and fire detection equipment, plumbing and lighting fixtures including chandeliers, water softener, stove, built-in kitchen equipment, garage door openers with controls, built-in cleaning equipment, all swimming pool equipment and maintenance accessories, shrubbery, landscaping, permanently installed outdoor cooking equipment, built-in fireplace screens, artificial fireplace logs and all other property owned by Seller and attached to the above described real property except the following property which is not included (list items not included):

All property sold by this contract is called the "Property."

2. SALES PRICE: The parties agree to the following sales price:

Description Amount Amount
Purchase Price $
Earnest Money $
New Loan $
Assumption of Loan $
Seller Financing $
Cash at Closing $
Total (both columns should be equal) $ $

Both columns should be an equal amount.

3. FINANCING: The following provisions apply with respect to financing:

CASH SALE: This contract is not contingent on financing.

OWNER FINANCING: Seller agrees to finance dollars of the purchase price pursuant to a promissory note from Buyer to Seller of $ , bearing per annum, payable over a term of years with even monthly payments, secured by a deed of trust or mortgage lien with the first payment to begin on the day of , 20 .

NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining financing. Within days after the effective date of this contract Buyer shall apply for all financing or noteholder's approval of any assumption and make every reasonable effort to obtain financing or assumption approval.

If Buyer intends to obtain a new loan, the loan will be of the following type:

Conventional VA FHA Other:

4. EARNEST MONEY: Buyer shall deposit $ as earnest money with upon execution of this contract by both parties.

5. PROPERTY CONDITION:

SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is required by Federal law for a residential dwelling constructed prior to 1978. An addendum providing such disclosure is attached is not applicable.

Buyer hereby represents that he has personally inspected and examined the above-mentioned premises and all improvements thereon.

Buyer accepts the property in its "as-is" and present condition.

Buyer may have the property inspected by persons of Buyer's choosing and at Buyer's expense.

All inspections and notices to Seller shall be complete within days after execution of this agreement.

Buyer accepts the Property in its present condition; provided Seller, at Seller’s expense, shall complete the following repairs and treatment:

MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: All such equipment is sold " as-is" without warranty, or shall be in good working order on the date of closing.

Any repairs needed to mechanical equipment or appliances, if any, shall be the responsibility of Seller Buyer.

UTILITIES: Water is provided to the property by , Sewer is provided by . Gas is provided by .

Electricity is provided by .

Other:

The present condition of all utilities is accepted by Buyer.

6. CLOSING: The closing of the sale will be on or before , unless extended pursuant to the terms hereof.

7. TITLE AND CONVEYANCE: Seller is to convey title to Buyer by Warranty Deed or and provide Buyer with a Certificate of Title prepared by an attorney, title or abstract company.

Title shall be good and marketable, subject only to .

8. APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal of the property shall be the responsibility of Buyer Seller.

A survey is: not required required, the cost of which shall be paid by Seller Buyer.

A termite inspection is not required required, the cost of which shall be paid by Seller Buyer.

9. POSSESSION AND TITLE: Seller shall deliver possession of the Property to Buyer at closing. Title shall be conveyed to Buyer, if more than one as

Joint tenants with rights of survivorship, tenants in common, Other:

10. CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provided.

Closing Costs Buyer Seller Both*
Attorney Fees
Title Insurance
Title Abstract or Certificate
Property Insurance
Recording Fees
Appraisal
Survey
Termite Inspection
Origination fees
Discount Points
If contingent on rezoning, cost and expenses of rezoning
Other:
All other closing costs

* 50/50 between buyer and seller.

11. PRORATIONS: Taxes, interest, maintenance fees, assessments, dues and rents will be prorated through the Closing Date.

12. CASUALTY LOSS: If any part of the Property is damaged or destroyed after the effective date, Seller shall restore the Property or Buyer may elect remedies as stated.

13. DEFAULT: If Buyer or Seller fails to comply, remedies include specific performance, termination, or liquidated damages as stated.

14. ATTORNEY'S FEES: The prevailing party in any legal proceeding is entitled to recover costs and reasonable attorney's fees.

15. REPRESENTATIONS: Seller represents there will be no unpaid liens or defaults at closing.

16. FEDERAL TAX REQUIREMENT: If Seller is a foreign person or fails to deliver an affidavit, Buyer shall withhold funds as required by law.

17. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by written agreement.

18. NOTICES: All notices from one party to the other must be in writing and are effective when mailed to, hand-delivered at, or transmitted by facsimile machine as follows:

To Buyer at:

Telephone ( )

Facsimile ( )

To Seller at:

Telephone ( )

Facsimile ( )

19. ASSIGNMENT: This agreement may not be assigned by Buyer without Seller consent.

20. PRIOR AGREEMENTS: This contract incorporates all prior agreements and the parties acknowledge they have read and understand it.

21. NO BROKER OR AGENTS: The parties represent that neither party has employed a broker or agent in connection with the property.

22. EMINENT DOMAIN: If the property is condemned after the effective date, the parties shall agree to continue or cancel this Contract.

23. OTHER PROVISIONS

24. TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.

25. GOVERNING LAW: This contract shall be governed by the laws of the State of Kentucky.

26. DEADLINE LIST (Optional) (complete all that apply). Based on other provisions of Contract.

Deadline Date
Loan Application Deadline, if contingent on loan
Loan Commitment Deadline
Buyer(s) Credit Information to Seller
Disapproval of Buyers Credit Deadline
Survey Deadline
Title Objection Deadline
Survey Deadline
Appraisal Deadline
Property Inspection Deadline

Whether or not listed above, deadlines contained in this Contract may be extended informally by a writing signed by the person granting the extension except for the closing date which must be extended by a writing signed by both Seller and Buyer.

EXECUTED the day of of , 20 (THE EFFECTIVE DATE).

Buyer

Buyer

Seller

Seller

EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTION

RECEIPT

Receipt of Earnest Money is acknowledged.

Signature:

By:

Address

City State Zip Code

Date:

Telephone ( )

Facsimile ( )

THIS IS A SEPARATE INSTRUCTION PAGE REGARDING LEAD-BASED PAINT DISCLOSURE

THIS PAGE IS NOT PART OF THE CONTRACT. IT IS PROVIDED BY USLF TO AID THE SELLER IN COMPLYING WITH FEDERAL LEAD-BASED PAINT DISCLOSURE LAW, FOR HOUSES BUILT PRIOR TO 1978.

IMPORTANT!!!

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What the Kentucky Contract for Sale and Purchase of Real Estate Is

The Kentucky Contract for Sale and Purchase of Real Estate is a bilateral written agreement that records the parties, property, price, terms, and conditions for transferring real property in Kentucky. It typically identifies buyer and seller, legal property description, purchase price, earnest money, financing and inspection contingencies, closing date, prorations, and allocation of closing costs. The contract creates binding obligations once signed by authorized parties and provides the framework for title review, lender conditions, and recording. Parties often attach addenda, disclosures, and exhibits such as lead-based paint or HOA documents.

Why a Proper Kentucky Purchase Contract Matters

A complete, correctly executed contract clarifies rights and obligations, protects deposit funds, sets contingencies and deadlines, and reduces closing delays. Clear terms reduce dispute risk and create enforceable remedies for breach under Kentucky contract law and applicable disclosures.

Why a Proper Kentucky Purchase Contract Matters

Typical Users and Stakeholders

Parties and professionals who rely on this contract include homebuyers, sellers, real estate brokers, attorneys, lenders, and title companies involved in Kentucky transactions.

  • Buyers preparing to acquire residential or commercial property, coordinating inspections and financing under specified contingency deadlines.
  • Sellers documenting terms of sale, acceptable possession timing, and conditions for release of earnest money.
  • Title companies and lenders verifying legal description, encumbrances, and conditions for closing and funding.

Each stakeholder must verify their responsibilities, ensure signature authority, and preserve copies for closing and post-closing retention.

Who Signs and Their Roles

Buyer

The buyer signs to accept transfer terms, secures financing if needed, and must meet contingency deadlines (inspection, appraisal, loan commitment). The buyer typically deposits earnest money and provides accurate identity and funding information for closing.

Seller

The seller signs to convey title subject to the contract terms, disclose known property defects, and coordinate with title and escrow for deed delivery, prorations, and settlement obligations required at closing.

Core Components of a Professional Kentucky Purchase Contract

A professional contract organizes legal and commercial terms so title, financing, inspections, and closing proceed without ambiguity; each section should be complete, dated, and signed by authorized signers.

Parties

Full legal names for buyer and seller, including entity types and signers with capacity statements to ensure enforceability and correct identification on title records.

Property

Complete legal description and street address plus any included fixtures or exclusions; use the deed description to avoid ambiguity at recording.

Purchase Price

Agreed purchase price, earnest money amount and holder, financing terms, and how balance will be paid at closing; reference any seller credits or concessions.

Contingencies

Inspection, appraisal, title, and financing contingencies with explicit cure or termination deadlines and procedures for delivering notices and objections.

Closing Details

Target closing date, location or escrow agent, prorations, payoff instructions for existing liens, and requirements for deed delivery and recording.

Representations

Seller disclosures, hazards, zoning or HOA statements, and any special warranties or as-is language; include survival periods for post-closing claims.

Step-by-Step: Filling Out the Kentucky Contract

Follow this sequence to reduce errors and align parties before submitting to title and lender.

  • 01
    Identify Parties: Enter full legal names and contact details for buyer, seller, and broker.
  • 02
    Describe Property: Use deed legal description and include excluded items.
  • 03
    Set Price and Funds: Record purchase price, earnest deposit, and payment method.
  • 04
    Add Deadlines: Specify inspection, financing, and closing date with MM/DD/YYYY format.

Where to Send, Submit, or File the Executed Contract

Once executed, copies should be routed to the parties, broker, lender, and title/escrow agent according to the contract's instructions.

  • Title/Escrow: Deliver signed contract to title for commitment and closing instructions.
  • Lender: Submit contract to lender for loan application and appraisal order.
  • Broker: Provide broker with executed copy for transaction file and MLS updates.
  • County Clerk: After closing, the deed is recorded with the county clerk/recorder's office.

Setting Up a Digital Workflow for This Contract

Configure a digital workflow to place signature, initial, date, and conditional fields and to route copies automatically to title, lender, and broker.

Field Configuration
Signature Placement Assign signer roles and lock signature fields after execution.
Conditional Contingency Show inspection remediation fields only if defects found.
Date Autofill Use automatic MM/DD/YYYY date fields upon signature completion.
Routing Rules Auto-send completed PDF to title, lender, and all signed parties.

Digital Signing and Integration Considerations

Ensure your eSignature platform supports PDF, Word DOCX, audit trails, and secure delivery to title and lender partners.

  • File Types: PDF and DOCX accepted for signing and storage.
  • Integrations: Common integrations: Salesforce, NetSuite, Google Workspace, Microsoft 365.
  • Authentication: Use email links, SMS codes, or stronger ID verification for high-assurance signings.

Verify platform encryption, audit trail detail, and notarization/RON support before sending documents intended for recording or lender review.

eSignature Vendor Comparison for Signing and Managing the Contract

Key vendor pricing and capability comparison for executing and routing real estate contracts; signNow appears first to reflect available plan pricing and features.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes (Business Premium) Yes Yes Yes Yes
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Security and Compliance Essentials for Digital Execution

Encryption: TLS 1.2/1.3 in transit
At-Rest Protection: AES-256 encryption at rest
Certifications: SOC 2 Type II available
HIPAA Support: HIPAA compliant with BAA
ESIGN/UETA: Compliant with ESIGN and UETA
21 CFR Part 11: Supported for regulated workflows

Penalties and Risks of an Incorrect or Incomplete Contract

Recording Delay: Closing postponed; lender funding delayed
Deposit Forfeiture: Earnest money disputes if deadlines missed
Tax Penalties: Improper reporting can trigger IRS penalties
Title Issues: Unresolved liens impede recording
Enforceability Risk: Insufficient signature authority may void transfer
Notary Noncompliance: Invalid acknowledgement can require corrective deed

Common Mistakes to Avoid When Preparing the Contract

  • Using an informal or incomplete legal description instead of the deed description often causes title search errors and recording rejection.
  • Failing to insert explicit contingency deadlines and notice procedures leads to disputes over cure rights and forfeiture of deposits.
  • Mismatched party names between contract, lender application, and title documents triggers corrective instruments and delays closing.
  • Neglecting to confirm signature authority for entities or trustees can render the conveyance voidable or require ratification.

Typical Deadlines and Timing Expectations in a Kentucky Sale

Common contract deadlines guide inspections, financing, title objections, and the target closing date; parties should calendar these dates immediately upon execution.

Earnest Money Due:

Usually within 1–5 days of contract execution; check escrow instructions.

Inspection Period:

Typically 7–14 days to complete inspections and request repairs.

Loan Commitment:

Buyer often required to secure by 21–30 days unless otherwise negotiated.

Title Objections Deadline:

Objections commonly due 7–14 days after receipt of commitment.

Closing Date:

Set by mutual agreement; commonly 30–45 days from contract acceptance.

Practical Tips for Accurate and Efficient Completion

Adopt practices that reduce errors, speed review, and limit post-closing issues.

Use Deed-Level Property Description
Copy the legal description directly from the existing deed or title commitment to avoid recording rejections; verify parcel numbers and avoid informal addresses.
Confirm Signatory Authority
For entities, confirm and attach corporate resolutions or powers of attorney authorizing signers to execute the contract and convey title on behalf of the entity.
Centralize Document Routing
Designate a single escrow/title agent to receive executed originals and route copies to lender and brokers; use tracked delivery or secure eDelivery to maintain audit trails.
Preserve Audit Trails
When signing electronically, retain the certificate of completion, IP timestamps, and signer authentication records to support enforceability and lender requirements.

Real-World Examples of Online Execution

Two brief examples illustrate how electronic workflows and secure signing help complete transactions without in-person meetings.

Case Study: Martin Properties

Martin Properties digitized signature collection for purchase agreements to avoid site visits and delays.

  • The team relied on mobile signing and stored audit trails for each contract.
  • The result was consistent compliance and faster closings, allowing the firm to process multiple offers and coordinate lenders without paper handling.

Case Study: Optica Ventures

Optica used cloud signing to execute an investment property sale while stakeholders were remote.

  • The platform preserved timestamps and signer authentication.
  • This enabled the buyer, seller, and title company to complete due diligence and close on schedule with full electronic records retained for the transaction file.

Frequently Asked Questions About the Kentucky Purchase Contract

Answers to common questions about e-signing, notarization, signatory authority, recording, and cancellations for Kentucky contracts.


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