KREC Form 402 - Seller's Disclosure of Property Condition (current version dated 12/2022, published by the Kentucky Real Estate Commission) — KRS 324.360 ("Form for seller's disclosure of conditions"), part of Kentucky Revised Statutes Chapter 324 (Real Estate Brokers and Sales Associates). Created 1992 Ky. Acts ch. 448, sec. 1, effective July 14, 1992; last amended 2000 Ky. Acts ch. 488, sec. 29, effective July 14, 2000. Implementing regulation: 201 KAR 11:121 (KREC administrative regulation authorizing/adopting the form).
Kentucky is legally still a caveat emptor ("buyer beware") state at common law, but KRS 324.360 substantially narrows that doctrine for most residential sales by requiring a statutory written disclosure form whenever a licensed real estate agent is compensated in a single-family residential transaction. The statute itself is short and only lists broad categories (basement/roof condition and leaks, water supply, sewage service, working condition of component systems, and "other matters the commission deems appropriate"); the operative detail lives in KREC Form 402, which the Real Estate Commission is authorized to promulgate and which sellers must complete, sign, and have delivered to buyers within statutory deadlines (72 hours of a signed offer if listed with an agent; 120 hours after an executory contract if FSBO with agent involvement). Disclosure is based solely on the seller's actual knowledge — Kentucky does not require an inspection to discover unknown defects, and the form itself states it is not a warranty or substitute for a professional inspection. "As-is" sale language does NOT excuse completing or being truthful on the form; it only means the seller isn't promising repairs. If a seller refuses to complete the form, that refusal must be disclosed in writing to the buyer — refusal is legal, but it must be disclosed as a refusal, not silently omitted. No recent (2024-2026) legislative amendments to KRS 324.360 were found; the statute's last substantive amendment was in 2000, and the form itself was last revised in December 2022.
No substantive amendment to KRS 324.360 has occurred recently — its statutory text was last amended in 2000 (effective July 14, 2000), per the official Kentucky Legislative Research Commission statute page. The implementing form, KREC Form 402, was last revised in December 2022 and is organized into 14 sections plus a certification page. No bill amending KRS 324.360 was identified in 2025 or 2026 Kentucky General Assembly search results. Sellers and agents should confirm they are using the current KREC-published Form 402 (12/2022 revision) rather than an outdated version, and should independently verify no newer amendment has passed by checking apps.legislature.ky.gov, since a 2026 legislative session was underway at the time of this research.
Facts on this page reflect research current as of 2026-07-05. Programs, rates, and laws change — confirm current figures with the relevant state agency before relying on them.