Kentucky Release of Mortgage / Deed of Trust - Full Release
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How to fill out Release Of Mortgage / Deed Of Trust - Full Release?
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FAQ
"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.
Law shall not prevent a person (not holding himself out as a practicing attorney) from writing a deed, mortgage, or will.
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.
In Alabama, Arizona, Arkansas, Illinois, Kentucky, Maryland, Michigan, Montana and South Dakota, the lender has the choice of either a mortgage or deed of trust. In any other state, you must have a mortgage.
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).
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.
A deed of release literally releases the parties to a deal from previous obligations, such as payments under the term of a mortgage because the loan has been paid off. The lender holds the title to real property until the mortgage's terms have been satisfied when a deed of release is commonly entered into.
