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So here's what I learned from a Realtor there (we're looking to sell some legacy properties there). They use a standard Realtor listing agreement as well as a Bluegrass Realtors standard purchase contract. Commission is usually 6%, but I was able to get a discount to 4% if the buyer came direct.
In terms of closing costs for sellers, it was really just the tax stamp (kinda like a transfer tax) of $1 per thousand in sale proceeds. So if you sold a house in KY for $400,000 the tax would be $400, nothing when compared to closing costs in NYC for example.
There's also a closing statement for the buyer and seller that costs $150 each, roughly. Some brokerages also charge a closing fee of a few hundred dollars, the one I spoke to didn't charge this.
The settlement fee paid to the closing attorney is normally paid by the buyer, so we didn't have to worry about this several hundred dollar fee as the seller.
In terms of offers, it's similar to the process in states like Florida where a standard purchase contract is used to make offers. There's typically a 10-15 day inspection period. You can make clear that it's to be sold "as is," and that's more common with absentee owners, but some buyers will still try to re-negotiate during this period if they say the inspection detected a health hazard (i.e. undetected gas leak etc).
Seems like the market has cooled down a little in the past few months in KY? But it was still red hot very recently, so we'll see. Wish us luck!
In terms of closing costs for sellers, it was really just the tax stamp (kinda like a transfer tax) of $1 per thousand in sale proceeds. So if you sold a house in KY for $400,000 the tax would be $400, nothing when compared to closing costs in NYC for example.
There's also a closing statement for the buyer and seller that costs $150 each, roughly. Some brokerages also charge a closing fee of a few hundred dollars, the one I spoke to didn't charge this.
The settlement fee paid to the closing attorney is normally paid by the buyer, so we didn't have to worry about this several hundred dollar fee as the seller.
In terms of offers, it's similar to the process in states like Florida where a standard purchase contract is used to make offers. There's typically a 10-15 day inspection period. You can make clear that it's to be sold "as is," and that's more common with absentee owners, but some buyers will still try to re-negotiate during this period if they say the inspection detected a health hazard (i.e. undetected gas leak etc).
Seems like the market has cooled down a little in the past few months in KY? But it was still red hot very recently, so we'll see. Wish us luck!