KRS 382.796: Conspicuous notice of all fees and obligations to be included in real estate

purchase contracts -- Civil remedies -- Buyer's waiver of rights void.

On and after April 11, 2012:

(1) Any contract or other instrument used for the sale of real property wh ich obligates

the buyer to pay a fee to the seller upon the subsequent resale of the real property,

whether the fee or charge is a fixed amount or is stated as a percentage of the value

of the property, the purchase price, or other consideration given for the subsequent

transfer, shall include a conspicuous provision:

(a) Disclosing the existence of the obligation;

(b) Describing the obligation; and

(c) Stating that private transfer fee obligations, as that term is defined in KRS

382.792, are prohibited under KRS 382.794;

(2) A contract or other instrument for the sale of real property subject to the provisions

of this section and found not to be in compliance shall be void and shall:

(a) Not be enforceable by the seller against the buyer;

(b) Not subject the buyer to any liability to the seller for any damages; and

(c) Require the seller to return all deposits made in connection with the sale of the

real property;

(3) If a private transfer fee obligation is not discovered until after title of the property

has passed to the buyer, the buyer may recover any and all damages resulting from

the failure to disclose the obligation, including but not limited to:

(a) 1. The amount of any obligation paid by the buyer to the seller, including

interest thereon; or

2. The difference between the market value of the real property if it were

not subject to a private transfer fee obligation and the market value of

the real property as subject to a private transfer fee obligation; and

(b) Attorneys fees, expenses, and costs i ncurred by the buyer in seeking the

remedies under this section; and

(4) Any provision in a contract, covenant, or other instrument that purports to waive the

rights of a buyer under this section shall be void.