New Kansas Form for Properties in Foreclosure

The Kansas Association of REALTORS has developed an Addendum, "Home Equity Protection Disclosure and Right of Rescission,” which can be used by licensees that are involved in the sale of a Kansas property that is in foreclosure.   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.

As a result, it is strongly recommended this form be used in any transfer of owner-occupied real property in Kansas where the contract will be executed following the filing of a foreclosure action on the property.  The Addendum, which must be attached to the contract for sale and signed by both parties, is posted on the Forms page on www.kcrar.com in the "Other State/Local Forms" section.