The quitclaim deed simply transfers any interest they may have to the other party. Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.
How does a quitclaim deed work in Kentucky?
A Kentucky quitclaim deed form transfers the owners 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.
What are the risks of a quitclaim?
However, this approach has certain risks, so its not always the best option. Using a quitclaim deed might create tax issues or result in a loss of control of the property after the transfer. Additionally, the property could still require probate if you dont handle the transfer correctly.
Does an attorney have to prepare a deed in Kentucky?
Kentucky Attorney Involvement Laypersons may conduct real estate closings, but may not answer legal questions that arise at the closing, or offer any legal advice to the parties. However, preparation of deeds and mortgages constitutes the practice of law and must be prepared by an attorney.
What is the statute of a quit claim deed in Kentucky?
382.010 establishes the legal foundation for conveying Kentucky real estate interest using a deed. Quitclaim deeds specifically convey ownership interest from the grantor without any covenant of title.
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by W Gilmer Jr Cited by 3 of the instrument, says one Kentucky case,47 and a quitclaim deed conveys land as well as any other deed.48 That Kentucky case was criticized, however, in a
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