Deeds
Deeds are documents used when transferring ownership of property. All deeds require notarized signatures of the grantor(s) and grantee(s) involved in the transfer of ownership. The grantor is the seller of the property and the grantee is the buyer.
Deeds must be filed in the county where the property is located the and must include the following:
- Identity of the grantor (seller) and their mailing address
- Identity of the grantee (buyer) and their mailing address
- Consideration Statement KRS 382.135
- Legal description of property (Legal descriptions of property commonly based on the results of a land survey and documented by legal professionals)
- Source of title
- Preparation Statement KRS 382.335(1)
- Return mailing address
- Notarized signatures of the grantor and grantee
Deeds that must be corrected require a separate a Deed of Correction to be filed. (See below.)
There are taxes and fees associated with the transfer of deeds. To comply with KRS 142.050, a transfer tax is collected from the grantor (seller) and is calculated based on the purchase price of the property at a rate of $0.50 per $500.00, $1.00 per $1,000.00. Any tax exceptions concerning deeds are listed in KRS 142.50(7). The filing fee, paid in addition to the transfer tax, is currently $50.00. If the document exceeds five pages, there is an additional $3.00 per page fee.
If a property is transferred as a gift or with little or no consideration (payment), a sworn, notarized certificate is required stating that the transfer is a gift and providing the estimated fair cash value of the property. The certificate must contain the signatures of the grantor or the grantor’s agent, the grantee or the grantee’s agent. If the grantor or grantee is under 18 years of age, the signature of a parent/guardian is required.