Lexington-Fayette

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Attorneys conduct closings. Conveyance is by grant deed or by bargain-and-sale deed. Deeds must show the name of the preparer, the amount of the total transaction, and the recording reference by which the grantor obtained title. Mortgages are the principal security instruments because deeds of trust offer no power-of-sale advantages. Enforcement of any security instrument requires a decree in equity, a judicial foreclosure proceeding. Kentuckians use ALTA policies and endorsements. Sellers pay closing costs; buyers pay recording fees. Responsibility for payment of title insurance premiums varies according to locale. Property taxes are payable on an annual basis; due dates vary from county to county.

Due annually and vary by county.

YES. Property management is expressly considered a real estate brokerage act requiring a real estate broker's license. Property management is defined as: the overall management of real property for others for a fee, compensation, or other valuable consideration, and may include the marketing of property, the leasing of property, collecting rental payments on the property, payment of notes, mortgages, and other debts on the property, coordinating maintenance for the property, remitting funds and accounting statements to the owner, and other activities that the commission may determine by administrative regulation.

Yes. For example, a person engaged in property management does not need to be licensed if they are a regular employee of the owner or principal broker of the company engaged in property management. In addition, a real estate broker's license is not required if the person engaged in property management receives as his or her primary compensation the use of a rental unit. For more information about these and other Kentucky property management requirements and exceptions, please contact the Kentucky Real Estate Commission. Before hiring a property manager to manage your Kentucky rental property, you should always check that he or she is licensed appropriately. You can check the license status of Kentucky property managers and the Kentucky Real Estate Commission's Public Database Search.

NO. A broker's license is not required to manage community associations or condo associations in Kentucky.

Kentucky real estate broker licensing requirements include: - Age: must be at least 18 years of age - Experience: must have been actively engaged in the real estate business as a licensed sales associate for a period averaging at least 20 hours per week for a two year period. - High School: must have a high school diploma or equivalent. - Education: must have completed 21 credit hours or equivalent in specified courses at an approved school. - Exam: Pass broker's exam. Fee is $100. - Trustworthiness: submit to a criminal background check

Kentucky real estate salesperson licensing requirements include: - Age: must be at least 18 years of age - High School: must have high school diploma or equivalent. - Education: must have completed 6 credit hours or equivalent in specified courses at an approved school. - Exam: Pass salesperson's exam. Fee is $100. - Trustworthiness: submit to a criminal background check All active Kentucky real estate licensees are required to carry errors and omissions insurance as a condition of licensure.