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Showing 8 posts tagged real estate.
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 >
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 >
Gross Lease or Triple Net Lease? What You Need to Know
When leasing a property for commercial use, there are a variety of lease types from which to choose. The two most common lease types are the gross lease and the triple net lease—but how do you know which is right for your situation? 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 >
Kentucky Real Estate Licensees: New Regulations WILL Affect You
As you probably know by now, all Administrative Regulations (201 KAR 11) governing the practice of real estate for licensees in Kentucky were touched by the legislature in some way in 2019. Some were repealed, some had changes almost too small to detect, some had major changes that altered the practice of real estate dramatically, some codified the interpretations of the regulations from the past, and some were just moved from one location to another in Chapter 11. More >
Easements Made Easy: The Basics of Easements on Real Property
Easements are one of those real estate concepts on which it’s difficult to get a consensus. To some, they are harmless items that can be ignored. To others, they are a fatal encumbrance on a piece of property, restricting its use and diminishing its value. While both opinions may be true depending on the circumstances, the fact is that easements generally fall somewhere in between those two extremes. To understand why, it is important to have a general understanding of what easements are and how they affect real property rights. More >
Planning and Zoning: 3 Things to Look for When Purchasing Property
The conventional wisdom is that real property is a solid investment – after all, they aren’t making any more of it, and it’s often billed as “one of a kind.” Of course, just because the wisdom is conventional doesn’t mean it’s correct. In reality, there are a multitude of considerations that potential real property purchasers should take into account, and a careful review of these will generally result in sounder investment decisions. The condition of any buildings, access to the property and environmental assessments all should be factors in the purchase decision, but there are additional issues from a land use planning perspective that will impact whether an investment in real estate will pay off in the long run. More >
Investing in Real Estate: Where Do You Start?
Investment in real estate, whether residential or commercial, is a great vehicle for building wealth. For many people, however, the most difficult part of building a portfolio of real estate investment is knowing just where to begin. There are more options and moving parts than may be evident at first blush, so new investors might be either hesitant to enter the field or far too brash in diving into an investment without a definitive road map. Both paths are fraught with difficulty and failure. More >
