Kentucky Quitclaim Assignment of Assets
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How to fill out Quitclaim Assignment Of Assets?
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FAQ
Kentucky does not allow real estate to be transferred with transfer-on-death deeds.
"A Quitclaim deed is defined as follows: A deed of conveyance operating by way of release; that is, intended to pass any title, interest, or claim which the grantor may have in the premises, but not professing that such title is valid, nor containing any warranty or covenants for title. Black's Law Dictionary.
QUITCLAIM DEED Definition & Legal Meaning A document that allows the transfer of a claim, be it an interest, right or title that the maker of the document may have in a property.
The way a quitclaim deed works is that this type of transfer makes no seller guarantees. It merely states that the seller transfers any ownership interest to the buyer. So if the seller has absolutely no ownership interest in the property, that's precisely what transfers in a quitclaim deed to any buyer.
The deed must be signed by both the grantor and grantee and acknowledged by an authorized individual. All signatures must be original. In Kentucky, deeds also require a preparation statement, comprised of the document preparer's name, address, and signature (KRS 382.335(1)).
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 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).
A consideration statement verifies that the consideration listed in the deed is the actual full amount paid for the property. If the deed transfers property as a gift for nominal or no consideration, the statement affirms that the transfer is a gift and lists the property's estimated fair cash value.
