Kentucky Real Estate Attorneys

 

What Is A Kentucky Real Estate Attorney?

Kentucky real estate attorneys are attorneys that specializes in KY real estate law. Having an attorney that is well versed in Kentucky real estate laws is to your benefit.

They may offer legal advice for transactions involving the following:

• buying real estate in Kentucky
• selling real estate in Kentucky
• leasing real estate in Kentucky
• renting real estate in Kentucky
• property closings in Kentucky
• property tax appeals in Kentucky
• property zoning in Kentucky
  

They may also offer services such as dispute resolution. These types of disputes may arise due to conflicted opinions of property boundaries or contractual disputes between the buyer and seller of real property.

A Kentucky real estate lawyer, along with a Kentucky real estate agent, can guide you through the process of buying and selling a home or commercial property in Kentucky.

Buying a new home in Kentucky or even raw land can be a significant investment and having the proper legal advice will make your real estate transaction go smoothly.

When Should You Get A Real Estate Attorney In Kentucky?

It is recommended that any time you buy, sell, or transfer property in Kentucky that you have qualified Kentucky real estate attorneys represent you during the real estate transaction and closing.

Do I Need An Attorney To Lease My Property In Kentucky?

It is recommended that you have a Kentucky real estate attorney provide you with proper leasing or rental contracts. If you intend to lease or rent property in Kentucky a proper rental contract is a must have.

A properly drafted lease or rental agreement in KY can safeguard and provide to you monetary compensation from physical damage to property that may be caused by a renter.

Is There A Difference Between Leasing And Renting Property In Kentucky?

Simply stated a lease is normally used for long term contracts for those whom may wish to stay in the property for a matter of multiple months or years. Rentals are normally for shorter periods of times such as a few weeks to a month or two.

You can think of it as the difference between renting an apartment for a year as opposed to renting a vacation home for a short amount of time.

Do You Need A Real Estate Attorney To Buy A Home In Kentucky?

Kentucky law does not require you to hire Kentucky real estate attorneys to buy a home. However, with that being stated, having an attorney representing you throughout the home closing process is to your best interest.

Kentucky Is A Disclosure State.

Kentucky state law may require all sellers of residential property, to disclose to potential buyers important facts that may affect the buyer’s use and enjoyment of the property. However these facts may be limited as to what must be disclosed. Kentucky is a buyer beware state.

Buyers should not rely solely on these disclosures. Buyers should hire their own home inspector and have every aspect of the home inspected. More information may be found here.

Having a KY attorney represent you at closing may be the difference between buying that 20 acres of pristine mountain land and buying that 20 acres of mountain land that in the past was heavily mined for coal.

How Much Do Kentucky Real Estate Attorneys Charge?

This fee may be dependent upon the cost of the property and how your chosen KY attorney bills for services. The fee may differ depending on if the property is commercial property or residential property.

Two of the most common real estate fee schedules in Kentucky are as follows:

• An hourly fee : This fee is going to be based on your location and the experience of the attorney.
• A set fee : This fee is going to be based on the value of the property being purchased. It is normally derived as a percentage of the sells price.

Who Does A Kentucky Real Estate Attorney Represent?

Kentucky real estate attorneys may represent either the buyer or the seller.

As a buyer the attorney will review all the documents pertaining to the sell. Being sure that the buyer is receiving what they are paying for clear of all liens or encumbrances.

This is normally accomplished by doing a title search to be sure the seller is the actual owner of the property and has the legal right to sell the property.

As a seller the KY real estate attorney can help you by reviewing your sells documents and assuring that the financial obligations of the buyer are fulfilled at closing.

When a home mortgage is involved there may be several different attorneys involved in the property closing. One may be representing the mortgage lender, one the seller, and one for the buyer. As you can see real estate transactions can at times be complicated.

Is Title Insurance Required In KY?

Title insurance In KY is not required by law.

Some Kentucky real estate attorneys may recommend that you purchase title insurance in KY on a given piece of property. Title insurance may be required for real estate that is secured by a mortgage. In the State of Kentucky you may purchase title insurance from any licensed insurer.

Title insurance or a owners insurance policy is a policy that may pay you the value of the property if years down the road it is found that the seller did not have good title to the land. More information about title insurance in Kentucky can be found here.

Who Pays For Title insurance In Kentucky?

Title insurance may be a cost to the buyer or seller depending upon the stipulations in your real estate sales agreement.

What Is A Kentucky Real Estate Sales Agreement?

The Kentucky real estate sales agreement or contract lays out the obligations of all parties involved in the real estate transaction.

Who Pays The Closing Cost For A Real Estate Transaction In Kentucky?

Closing cost may be paid by the buyer, the seller, or a combination of both depending upon the sales agreement. Typically closing cost are broken down into two categories, the buyers and the sellers.

Buyers Closing Cost In Kentucky :

• Appraisal fee
• Origination fee
• Escrow fee
• Credit report fee
• Attorney fee
• Home inspection
• Underwriting fees
• Title/Deed recording fees
• Title search fees
• Title insurance

Sellers Closing Cost In Kentucky :

• Title insurance
• Property taxes
• Utility bills
• HOA fees
• Transfer fees
• Recording fees
• Escrow fees
• Mortgage fees

As you can see from above there are a variety of fees that may be involved with your Kentucky real estate transaction. However, with that being stated, all of the fees above may not apply to your particular situation. When paying with cash instead of receiving a home loan the fees are less expensive.

How Long Does It Take To Close On A House In Kentucky?

This is going to depend if your purchasing in cash or if there is a lender involved. When paying with cash it may take as little as 14 days. If a mortgage lender is involved it may take from 30 to 45 days. Often times the time required will depend on how hot or cold the Kentucky real estate market is.

How Do I Find A Good Kentucky Real Estate Attorney?

Finding good Kentucky real estate attorneys is not as hard as one may think. You can start right here on this site. If one is not available then reach out to your circle of friends, family members or business acquaintances. If your working with a Kentucky real estate agent you may wish to ask them if they have any recommendations.