Kentucky Disclaimer and Quitclaim of Leasehold Interest
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How to fill out Disclaimer And Quitclaim Of Leasehold Interest?
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FAQ
No guarantees to the new owner: Unlike a warranty deed, a quitclaim deed does not guarantee that a property is free from title defects such as tax liens or title claims from third parties. For this reason, it is a poor legal instrument to use when selling a piece of property for cash considerations.
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 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).
However, preparation of deeds and mortgages constitutes the practice of law and must be prepared by an attorney.
Unlike assignments, the person disclaiming their interest cannot say who receives the disclaimed interest. A disclaimer is not a gift by the person disclaiming. Lastly, one cannot have accepted any benefits from the property being disclaimed, such as the income from an income producing asset.
A Kentucky quitclaim deed form transfers the owner's entire interest as of the date of the deed. The new owner receives whatever interest the current owner can legally transfer. The current owner, though, does not promise the new owner a clear title or undisputed ownership of the property.
A qualified disclaimer allows an individual to refuse property from the estate of a decedent. When a disclaimer is used, the disclaimed property will pass to the next person eligible to receive it under the terms of the dece- dent's will, or if no one is listed, under the state intestacy laws.
