Signature (KRS 382.130) – All deeds must be signed in the presence of two (2) signatory witnesses or a notary. A document must indicate the name and address of the person responsible for drafting the document.10 The creator must sign the declaration identifying the creator. Preparer information usually appears at the bottom of the last page of the document. A deed must indicate the value of the transferred property, which both the current owner and the new owner verify in the signed consideration.32 The county official uses the value of the property indicated in the deed to calculate and collect transfer duties when he receives a deed of registration.33 Kentucky deeds must be printed on white 20-pound paper without watermarks. County officials prefer letter-size paper (81/2 × 11 inches) and also accept the legal size (81/2 × 14 inches). A Kentucky certificate must include the information listed below. Clerk County is prohibited from registering a deed that does not meet Kentucky requirements.1 A Kentucky Deed Form is the legal method of transferring real property from one person to another. Depending on the nature of the situation, there are different forms. All documents require the name of the grantor or seller and the name of the beneficiary or buyer. In addition, a legal description of the property and the consideration paid for it is required. Deeds must be recognized by a notary or two witnesses and filed with the clerk of the county where the property is located.
Counties may require deeds to include the Property Identification Number (PIDN) – also known as the parcel identification number – assigned to the property in the county`s property tax mapping system.7 A deed must contain a valid legal description that identifies the property that the deed conveys. The property description usually indicates the state, county, and municipality (if any) where the property is located. Kentucky`s real estate laws do not address deed formatting standards. The standards described below are based on uniform specifications adopted by the Kentucky County Clerk`s Association. Kentucky records are registered with the clerk of the county where the property is located.27 The basic registration fee is $33.00 for the first five pages and $3.00 per page for each page of more than five.28 However, Kentucky law allows for other fees related to the deed, so the total admission fee may vary by deed and county.29 Standard registration fees in many counties are of $50.00. plus $3.00 for each page of more than five. Deeds exempt from Kentucky`s real estate transfer tax should mark the exemption on the front of the deed.11 Kentucky has legal requirements for the content and signing of deeds. All Kentucky deeds charge a fee at the time of admission, and some deeds also require payment of transfer tax. Kentucky levies a real estate transfer tax on the registration of a deed that transfers real property.
The transfer tax rate is $0.50 per $500.00 of the value of the property.30 The value is the total actual consideration paid for the property or, if the deed transfers real property as a gift, the fair price a buyer would pay for the property if it were sold at arm`s length.31 Kentucky requires that an instrument conferring an interest in real property: contains a derivation clause – a statement that identifies the source of the current owner`s title.4 If the owner obtained ownership through a previous deed, the derivation clause must indicate the registrar, book and page number, and date of the previous deed.5 If the current owner inherited the property, The deed must clearly and precisely state: how and from whom the current owner acquired the property. A waiver is also a legal document that transfers ownership, but unlike a deed of warranty, there is no guarantee from the seller that he or she has clear ownership of the property. Kentucky has passed the Uniform Real Property Electronic Recording Act, which allows county recorders to accept electronically filed documents.24 An act that has an electronic signature and meets Kentucky`s standards for electronic records is a signed written document that can be registered.25 District officials who accept electronic documents must continue to accept paper documents.26 Special Warranty – A The Warranty special is an act that has a limited guarantee – that is, that the grantor guarantees that he or she has not transferred any interest in the asset while he or she has held the asset. However, the grantor does not guarantee anything that might have occurred prior to the acquisition of the asset. An instrument in which a company is involved must be signed by a representative authorized to act on behalf of the company. For example, a trustee signs on behalf of a trust and a member or manager signs for an LLC.13 Kentucky law exempts certain types of deeds from Kentucky transfer tax.34 Common acts of exemption include: Under the law, an employee cannot register a document that does not comply with the provisions of the Act. KRS 382.135(5). This requirement for additional documentation is essentially an insurmountable burden on a registrar, as he or she has neither the means nor the resources to ensure that a document correctly contains the “full name” of the grantor and beneficiary. While it appears that the requirement that the name of the grantor and beneficiary appear in the deed is both innocent and obvious, the addition of the increased and unclear burden of the “full name” complicates and hinders the registration of documents. Registration – All deeds must be filed with the county clerk`s office in the jurisdiction where the property is located.
Some documents do not need to contain a signed counterpart. The following deeds are exempt:23 A Kentucky deed must identify the current owner transferring the property (the settlor) and the new owner receiving it (the beneficiary) by their full legal name and mailing address.2 A Kentucky deed transferring real property that a married person individually owns must be signed by the owner`s spouse. The spouse`s signature releases his rights of dowry and courtesy over the property.15 Failure to release the spouse`s rights may lead to future problems with the title deed. Kentucky deeds must include a declaration of full consideration with the notarized signatures of the current owner and the new owner.19 The declaration of full consideration – also known as consideration – may appear on the front of the deed or in a separate statement of fees attached to the deed. Kentucky`s revised Law 382.135 contains several requirements that a deed must contain, including the mailing address of the settlor and beneficiary, the statement of consideration, etc. Accordingly, Kentucky deeds of transfer must see each party`s driver`s license to an act in order to properly prepare it. Lawmakers had no idea how much trouble and extra time this would cause in the “real world” of real estate practice! With respect to our title assessments, we unfortunately have to add another exception paragraph that excludes from our certification errors in the accuracy of the actual names of grantors and beneficiaries used in deeds in the chain of ownership executed after June 28, 2017.
