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As with any conveyance of realty, a gift deed requires a complete legal description of the parcel. Recite the prior deed reference to maintain a clear chain of title, and detail any restrictions associated with the property. In Kentucky, most conveyances of real property require a statement of consideration.
Mortgage States and Deed of Trust States StateMortgage StateDeed of Trust StateKentuckyYYLouisianaYMaineYMarylandYY47 more rows
Kentucky has a lenient time requirement for probate. ing to the Kentucky Revised Statutes 395.010, it must be completed within 10 years after the person's death. However, it is better to file soon after the person's death and to complete the probate process as quickly as possible.
The tax is computed at the rate of $. 50 for each $500 of value or fraction thereof. A deed cannot be recorded unless the real estate transfer tax has been collected.
The type of foreclosure: If you have a deed of trust, you will usually have a nonjudicial foreclosure. On the other hand, the courts will typically be involved if you have a mortgage. Foreclosure details: When your lender forecloses with a deed of trust, the process will usually take less time and money to complete.
A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.
The grantor must sign the deed and signatures must be acknowledged (notarized). The grantor and grantee must sign the consideration statement and the signatures must be notarized. The document must be filed in the county clerk's office of the county where the property is located (or the greater part).
Kentucky charges a real estate transfer tax for recording a deed that transfers real estate. The transfer tax rate is $0.50 per $500.00 of the property's value.