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In case you missed it, there are two new disclosures which should be a part of your real estate contracts.
The Home Equity Protection Disclosure Addendum is available on the “Contracts and Forms” section under the Members Center of the KAR website, http://www.kansasrealtor.com. It is strongly recommended that this form be used in any transfer of owner-occupied real property where the contract will be executed following the filing of a foreclosure action on the property. If the Home Equity Protection Disclosure Addendum is not provided in these situations, the sale of the property may be voided at the election of the seller at any time following the execution of the contract, including after contract has been signed, at closing or even after the recording of the deed of conveyance.
Also, new disclosure language is REQUIRED in all residential real estate contracts. The language addresses the possible presence of registered sex offenders near the property. The disclosure must be included in contracts after July 1, 2008. For the exact wording, please check with your Local Association or the KAR website, http://www.kansasrealtor.com
