A Contract for Deed is used as owner financing for the purchase of real property. The Seller retains title to the property until an agreed amount is paid. After the agreed amount is paid, the Seller conveys the property to Buyer.
A Contract for Deed is used as owner financing for the purchase of real property. The Seller retains title to the property until an agreed amount is paid. After the agreed amount is paid, the Seller conveys the property to Buyer.
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A quitclaim deed is a legal document used to transfer the ownership interest in a property from one person (the grantor) to another person (the grantee), without any warranties or guarantees of title.
A quitclaim deed is commonly used in Kentucky when the parties involved already have an established relationship and trust, such as between family members, divorcing spouses, or business partners. It is often used to transfer property within the family or to clear up any potential issues with the property's title.
To complete a Kentucky quitclaim deed form, you will need the names and addresses of the grantor(s) and grantee(s), a legal description of the property being transferred, and the signature(s) of the grantor(s) in front of a notary public.
While it is not legally required to have an attorney prepare a quitclaim deed in Kentucky, it is highly recommended. An attorney can ensure that the document is correctly drafted and executed, protecting your interests and avoiding potential legal issues in the future.
Using a quitclaim deed in Kentucky carries certain risks. Unlike a warranty deed, a quitclaim deed does not provide any guarantee of clear title to the property. The grantor transfers whatever interest they have, which may include undisclosed liens, encumbrances, or claims on the property.
No, a quitclaim deed does not exempt you from paying real estate transfer taxes in Kentucky. The transfer taxes are generally calculated based on the property's value and are due upon recording the quitclaim deed with the county clerk's office.
Once a quitclaim deed is properly executed and recorded with the county clerk's office in Kentucky, it becomes legally binding. Reversing or undoing the transfer would require the agreement of all parties involved, potentially resulting in additional legal processes.
Yes, a quitclaim deed can be used to transfer real estate located outside of Kentucky. However, it is important to consider that each state may have its own specific requirements and laws regarding the use and validity of quitclaim deeds.
The cost to record a quitclaim deed in Kentucky varies by county. Typically, there is a base recording fee, which may vary depending on the number of pages in the document. Additional fees may apply, such as indexing fees or taxes. It is best to check with the local county clerk's office for the exact fee schedule.
Yes, a quitclaim deed must be notarized in Kentucky to be considered valid. The grantor(s) must sign the document in the presence of a notary public, who will then acknowledge and seal the deed with their official stamp or seal.
History: Amended 2010 Ky. Acts ch. 32, sec. 1, effective July 15, 2010. Amended 2008 Ky. Acts ch. 143, sec. 3, effective August 1, 2008. Amended 2005 Ky. Acts ch. 171, sec. 1, effective June 20, 2005. Amended 1992 Ky. Acts ch. 263, sec. 8 effective July 14, 1992. Created 1990 Ky. Acts ch. 411, sec. 4, effective July 13,1990.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.170. Recording of deeds executed according to laws of United States.
The requirements of this chapter as to the acknowledgment or proof of the execution of deeds, shall not apply to deeds made or executed under and in accordance with the laws of the United States. Such deeds, when executed, shall be entitled to be recorded in this state, and shall have the same force and effect as though they had been acknowledged or proved and recorded in accordance with the laws of this state.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.Stat. sec. 516.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.250. Acknowledgment before deputy clerk Duty of clerk.
If the deputy of any county clerk takes the acknowledgment of a deed or other instrument, and writes thereon the certificate of acknowledgment, the instrument or deed, together with the certificate of the deputy, shall be recorded. If the deputy only endorses a memorandum of the acknowledgment on the deed or instrument, then the principal clerk shall write the certificate as if the acknowledgment had been taken before him, and the deed or instrument shall be as valid as if the certificate had been written in full by the deputy.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 515.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.270. Instruments not valid against purchasers or creditors unless recorded.
No deed or deed of trust or mortgage conveying a legal or equitable title to real property shall be lodged for record and, thus, valid against a purchaser for a valuable consideration, without notice thereof, or against creditors, until such deed or mortgage is acknowledged or proved according to law. However, if a deed or deed of trust or mortgage conveying a legal or equitable title to real property is not so acknowledged or proved according to law, but is or has been otherwise lodged for record, such deed or deed of trust or mortgage conveying a legal or equitable title to real property or creating a mortgage lien on real property shall be deemed to be validly lodged for record for purposes of KRS Chapter 382, and all interested parties shall be on constructive notice of the contents thereof. As used in this section creditors includes all creditors irrespective of whether or not they have acquired a lien by legal or equitable proceedings or by voluntary conveyance.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 155, sec. 2, effective July 15, 2010. Amended 2006 Ky. Acts ch. 183, sec. 16, effective July 12, 2006. Amended 1962 Ky. Acts ch. 83, sec. 16. Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 496.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.330. Instrument not to be recorded unless date of maturity shown Exception.
No county clerk shall record a deed or deed of trust or mortgage covering real property by which the payment of any indebtedness is secured unless the deed or deed of trust or mortgage states the date and the maturity of the obligations thereby secured which have been already issued or which are to be issued forthwith. In the case of obligations due on demand, the requirement of stating the maturity thereof shall be satisfied by stating that such obligations are due on demand.
Effective: June 17, 1978
History: Amended 1978 Ky. Acts ch. 373, sec. 1, effective June 17, 1978. Amended 1962 Ky. Acts ch. 83, sec. 17. Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 511a-1.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.290. Recording of mortgages and deeds retaining liens Assignment Discharge Form of record Clerk's fee.
(1) In recording mortgages and deeds in which liens are retained (except railroad mortgages securing bonds payable to bearer), there shall be left a blank space immediately after the record of the deed or mortgage of at least two (2) full lines for each note or obligation named in the deed or mortgage, or in the alternative, at the option of the county clerk, a marginal entry record may be kept for the same purposes as the blank space. Each entry in the marginal entry record shall be linked to its respective referenced instrument in the indexing system for the referenced instruments.History: Amended 2016 Ky. Acts ch. 11, sec. 3, effective July 15, 2016. Amended 2015 Ky. Acts ch. 65, sec. 1, effective June 24, 2015. Amended 1982 Ky. Acts ch. 323, sec. 2, effective July 15, 1982. Amended 1978 Ky. Acts ch. 84, sec. 15, effective June 17, 1978. Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 498a.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.360. Discharge of liens by deed or mortgage Effect.History: Amended 2010 Ky. Acts ch. 32, sec. 1, effective July 15, 2010. Amended 2008 Ky. Acts ch. 143, sec. 3, effective August 1, 2008. Amended 2005 Ky. Acts ch. 171, sec. 1, effective June 20, 2005. Amended 1992 Ky. Acts ch. 263, sec. 8 effective July 14, 1992. Created 1990 Ky. Acts ch. 411, sec. 4, effective July 13,1990.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.170. Recording of deeds executed according to laws of United States.
The requirements of this chapter as to the acknowledgment or proof of the execution of deeds, shall not apply to deeds made or executed under and in accordance with the laws of the United States. Such deeds, when executed, shall be entitled to be recorded in this state, and shall have the same force and effect as though they had been acknowledged or proved and recorded in accordance with the laws of this state.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.Stat. sec. 516.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.250. Acknowledgment before deputy clerk Duty of clerk.
If the deputy of any county clerk takes the acknowledgment of a deed or other instrument, and writes thereon the certificate of acknowledgment, the instrument or deed, together with the certificate of the deputy, shall be recorded. If the deputy only endorses a memorandum of the acknowledgment on the deed or instrument, then the principal clerk shall write the certificate as if the acknowledgment had been taken before him, and the deed or instrument shall be as valid as if the certificate had been written in full by the deputy.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 515.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.270. Instruments not valid against purchasers or creditors unless recorded.
No deed or deed of trust or mortgage conveying a legal or equitable title to real property shall be lodged for record and, thus, valid against a purchaser for a valuable consideration, without notice thereof, or against creditors, until such deed or mortgage is acknowledged or proved according to law. However, if a deed or deed of trust or mortgage conveying a legal or equitable title to real property is not so acknowledged or proved according to law, but is or has been otherwise lodged for record, such deed or deed of trust or mortgage conveying a legal or equitable title to real property or creating a mortgage lien on real property shall be deemed to be validly lodged for record for purposes of KRS Chapter 382, and all interested parties shall be on constructive notice of the contents thereof. As used in this section creditors includes all creditors irrespective of whether or not they have acquired a lien by legal or equitable proceedings or by voluntary conveyance.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 155, sec. 2, effective July 15, 2010. Amended 2006 Ky. Acts ch. 183, sec. 16, effective July 12, 2006. Amended 1962 Ky. Acts ch. 83, sec. 16. Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 496.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.330. Instrument not to be recorded unless date of maturity shown Exception.
No county clerk shall record a deed or deed of trust or mortgage covering real property by which the payment of any indebtedness is secured unless the deed or deed of trust or mortgage states the date and the maturity of the obligations thereby secured which have been already issued or which are to be issued forthwith. In the case of obligations due on demand, the requirement of stating the maturity thereof shall be satisfied by stating that such obligations are due on demand.
Effective: June 17, 1978
History: Amended 1978 Ky. Acts ch. 373, sec. 1, effective June 17, 1978. Amended 1962 Ky. Acts ch. 83, sec. 17. Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 511a-1.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.290. Recording of mortgages and deeds retaining liens Assignment Discharge Form of record Clerk's fee.
(1) In recording mortgages and deeds in which liens are retained (except railroad mortgages securing bonds payable to bearer), there shall be left a blank space immediately after the record of the deed or mortgage of at least two (2) full lines for each note or obligation named in the deed or mortgage, or in the alternative, at the option of the county clerk, a marginal entry record may be kept for the same purposes as the blank space. Each entry in the marginal entry record shall be linked to its respective referenced instrument in the indexing system for the referenced instruments.History: Amended 2016 Ky. Acts ch. 11, sec. 3, effective July 15, 2016. Amended 2015 Ky. Acts ch. 65, sec. 1, effective June 24, 2015. Amended 1982 Ky. Acts ch. 323, sec. 2, effective July 15, 1982. Amended 1978 Ky. Acts ch. 84, sec. 15, effective June 17, 1978. Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 498a.
TITLE XXXII OWNERSHIP AND CONVEYANCE OF PROPERTY
CHAPTER 382 CONVEYANCES AND ENCUMBRANCES
382.360. Discharge of liens by deed or mortgage Effect.