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Zachary C. Webster
Showing 4 posts by Zachary C. Webster.
Recent Amendment to the Kentucky Consumer Protection Act Impacts Real Estate Listing Agreements
This past April, Governor Beshear signed into law 2024 Kentucky House Bill No. 88, which amended the Kentucky Consumer Protection Act (the “KCPA”) to impose new restrictions on residential real estate “service agreement[s].” Under the new law (codified as KRS § 367.354), the term “service agreement” is defined as “an agreement under which an owner of residential real property is required, in connection with the purchase or sale of the property, to . . . [p]ay a real estate sales commission to a specified [real estate broker or agent].” The new law unequivocally applies to residential real estate listing agreements. Kentucky real estate brokers and agents must, therefore, be familiar with the new law and ensure any prohibited provisions are removed from their listing agreements to avoid the potentially significant consequences of a violation. More >
New Changes to Kentucky’s Judgment Lien Statute Ends Perpetual Lien Renewal and Imposes New Obligations on Judgment Creditors
In the 2023 regular legislative session, the Kentucky General Assembly passed House Bill No. 83 to revise KRS § 426.720, Kentucky’s judgment lien statute. The bill was signed into law by Governor Beshear on April 6, 2023, and is effective on June 29, 2023. Three (3) major revisions mark the most significant change to the judgment lien statute since its enactment in 1988. First, under the new law, the initial limitations period for judgment liens is reduced from fifteen (15) to ten (10) years. Second, the law limits a judgment creditor’s ability to renew the lien to a single, five (5) year period beyond the initial ten (10) year limitations period. Third, to preserve the lien through a lien enforcement action that remains pending after the limitations period expires, judgment lien creditors must lodge for record a “notice of judgment lien enforcement proceeding” in the county where the notice of judgment lien is recorded. The purpose of this note is to provide a detailed overview of the changes to the judgment lien statute, including new content requirements for all judgment lien notices recorded on or after June 29, 2023, and the major revisions summarized above. More >
How Does Hensley v. Gadd Affect Your Kentucky Short-Term Rental Business?
In Hensley v. Gadd, 560 S.W.3d 516 (2018), the Kentucky Supreme Court found that use of real estate as a short-term rental through a platform such as Airbnb or VRBO is “commercial” and not “residential” in nature and barred the property owner’s short-term rental business. The case therefore has important implications for real estate professionals of all stripes – including real estate brokers, real estate agents, investors, and property managers – with any short-term rental business in Kentucky. More >
Don’t Leave Your Clients High and Dry: What Real Estate Agents Should Know Before Using an Escalation Clause
The pandemic has made just about everything more difficult—including buying a home. In an extremely competitive market, hopeful buyers are looking for any strategy to gain an advantage and increase their chances of making a successful offer. One option your clients may want to consider is the inclusion of an escalation clause in their offer. But what exactly is an escalation clause—and how do your clients know if it’s the right choice for them? More >
