The Attorney General shall promulgate administrative regulations which will ensure an adequate disclosure to the purchaser of recreational and retirement use land the probable costs of any necessary maintenance of improvements of such land which may accrue in the future, or lease, mortgage, and similar financial payments, including but not limited to the costs of taxes, assessments, belonging to an association, costs of inflation, and repairs or improvements. Such disclosure shall be made both orally and in writing prior to the sale of such land.
Effective: July 15, 1988
contract signature

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Terms Used In Kentucky Statutes 367.480

  • Attorney: means attorney-at-law. See Kentucky Statutes 446.010
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

History: Amended 1988 Ky. Acts ch. 194, sec. 2, effective July 15, 1988. — Created
1978 Ky. Acts ch. 316, sec. 6, effective June 17, 1978.

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