"Summary of High Technology Developments Affecting Real Estate Financing" is a American Lawyer Media form. This form is a summary booklet of High Technology affecting real estate financing.
Kentucky Summary of High Technology Developments Affecting Real Estate Financing
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Lesson Summary Listing contract: an agreement between a property owner and a real estate broker. Offer to purchase: a contract between a buyer and seller that outlines the sale of a property. Purchase contract: an agreement that binds two parties to the terms and conditions of a real estate transfer.
The future technology trends in the real estate industry include smart homes, temperature control, smart lighting systems, security systems, data-driven property management systems, business process automation, and virtual property tours.
Seller Disclosure Laws A seller of a single family home must supply buyers with a completed property condition disclosure form. The law in Kentucky states that sellers must reveal any known material defects of a property that may affect its value or desirability.
Property Management and Maintenance: Technology has greatly improved property management processes. Internet of Things (IoT) devices allow for remote monitoring and control of various aspects of a property, including security systems, temperature control, and energy management.
The contract must be in writing and there must be an offer and an acceptance of said offer. In order for a real estate contract to be enforceable by law, it is required to be in writing. 2. The contract must have mutual assent and legal purpose.
To be legally binding as a contract, a promise must be exchanged for adequate consideration. Adequate consideration is a benefit or detriment which a party receives which reasonably and fairly induces them to make the promise/contract.
Kentucky requires that all real estate contracts include a seller's disclosure and a lead-based paint disclosure. such as whether it is free from defects or liens. Addition terms. Terms and conditions agreed upon by both parties like the inclusion of fixtures, appliances, or furniture.
In Kentucky, a seller can get out of a real estate contract if the buyer's contingencies are not met?these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale.