Fill and Sign the Ky Fiduciary Deed Form

Prepared by U.S. Legal Forms, Inc. Copyright 2016 - U.S. Legal Forms, Inc. STATE OF KENTUCKY WARRANTY DEED [Warranty Deed for Executors, Trustees, Trustors, Administrators and other Fiduciaries] Control Number – KY - SDEED - 6 NOTE ABOUT COMPLETING THE FORMS The forms in this packet contain “form fields” created using Microsoft Word. “Form fields” facilitate completion of the forms using your computer. They do not limit you ability to print the form “in blank” and complete wi th a typewriter or by hand. If you do not see the gray shaded form fields, go the View menu, click on Toolbars, and then select Forms. This will open the forms toolbar. Look for the button on the forms toolbar that resembles a shaded letter “a”. Click in this button and the form fields will be visible. The forms are locked which means that the content of the forms cannot be changed. You can only fill in the information in the fields. 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DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Kentucky. All Information and Forms are subject to this Disclaimer: All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal probl em we suggest that you consult an attorney. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney. THESE MATERIALS ARE PROVIDED "AS IS" WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL U. S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAMAGES WHATSOE VER (INCLUDING, WITHOUT LIMITATION DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. NOTES ON FILING THIS DEED 1. Statement of Consideration: KRS 382.135 provides that a statement of consideration be on virtually all deeds. The statement shall be sworn and notarized by both parties as to the true consideration in the deed. Exemptions are listed in KRS 382.135. The dollar amount on the consideration statement and the dollar amount stated in the deed must be the same amount. Deeds of nominal or no consideration and deeds of gift require the statement stating the fair market value of the property, OAG 96 -21. 2. KRS 382.135 Statement of consideration or market value required in deed to real property -- Exceptions. (1) In addition to any other requirement imposed by law, a deed to real property shall contain the following: (a) The mailing addresses of the grantor and grantee; (b) A statement of the full consideration; and (c) In the case of a transfer oth er than by gift, or with nominal or no consideration a sworn, notarized certificate signed by the grantor or his agent and the grantee or his agent, or the parent or guardian of a person under eighteen (18) years old, that the consideration reflected in th e deed is the full consideration paid for the property; or (d) In the case of a transfer either by gift or with nominal or no consideration, a sworn, notarized certificate signed by the grantor or his agent and the grantee or his agent, or th e parent or guardian of a person under eighteen (18) years old, stating that the transfer is by gift and setting forth the estimated fair cash value of the property. (2) The deed filing requirements listed in subsection (1)(b) and (c) of this section shal l not apply to: (a) Deeds which only convey utility easements; (b) Deeds which transfer property through a court action pursuant to a divorce proceeding; (c) Deeds which convey rights -of-way that involve governmental agencies; (d) Deeds which convey cemete ry lots; and (e) Deeds which correct errors in previous deeds conveying the same property from the same grantor to the same grantee. (3) In the case of an exchange of properties, the fair cash value of the property being exchanged shall be stated in the b ody of the deed. (4) In the event of a transfer of property by will or under the laws of intestate succession, the personal representative of the estate, prior to closing out the estate, shall file an affidavit with the county clerk of each county in whic h any of the property is located, which shall contain the following: (a) The names and addresses of the persons receiving each property passing by will or intestate succession; and (b) The full or fair market value of each property as estimated or establis hed for any purpose in the handling of the estate, or a statement that no such values were estimated or established. (5) No county clerk or deputy clerk shall lodge for record, and no county clerk or deputy shall receive and permit to be lodged for record, any deed that does not comply with the provisions of this section. 2. KRS 142.050 “Deed Transfer Tax”: This statute requires the collection by the County Clerk of a tax on each deed, regardless of where made, executed or delivered, by which any real property or interest therein is conveyed vested, granted bargained, sold, transferred or assigned. The tax is imposed upon the value of the full consideration listed in the deed that is said to paid, i ncluding the amount of any lien or liens thereon. This tax is imposed upon the grantor listed in the deed, per KRS 142.050 (2). The tax is calculated at the rate of .50 per $500 of valuation or any fraction thereof. The exemptions are listed in KRS 142.050 , section 7. This section does not apply to any deeds executed prior to March 28, 1968, even if they are presented for recording after that date, OAG 68 -414. Transfer to any of the governmental units listed in KRS 142.050 (7)(B) are exempt only in the case of gifts or nominal consideration, OAG 93 -73. In the event of a deed in which the property lies in two counties, the tax should be paid on the entire value of the land in the first county of filing. (OAG68 -168). The county with the greater amount of land should be the first county of filing OAG 84 -48. When presenting the deed for filing in the other county, evidence should be on the deed, or attached to it, showing the tax was collected in the other county. 3. 142.050 Real estate transfer tax -- Collectio n on recording -- Exemptions. (1) As used in this section, unless the context otherwise requires: (a) "Deed" means any document, instrument, or writing other than a will and other than a lease or easement, regardless of where made, executed, or delivered, by which any real property in Kentucky, or any interest therein, is conveyed, vested, granted, bargained, sold, transferred, or assigned. (b) "Value" means: 1. In the case of any deed not a gift, the amount of the full actual consideration therefor, paid or to be paid, including the amount of any lien or liens thereon; and 2. In the case of a gift, or any deed with nominal consideration or without stated consideration, the estimated price the property would bring in an open market and und er the then prevailing market conditions in a sale between a willing seller and a willing buyer, both conversant with the property and with prevailing general price levels. (2) A tax upon the grantor named in the deed shall be imposed at the rate of fifty cents ($0.50) for each $500 of value or fraction thereof, which value is declared in the deed upon the privilege of transferring title to real property. (3) (a) If any deed evidencing a transfer of title subject to the tax herein imposed is offered fo r recordation, the county clerk shall ascertain and compute the amount of the tax due thereon and shall collect the amount as prerequisite to acceptance of the deed for recordation. (b) The amount of tax shall be computed on the basis of the value of the transferred property as set forth in the deed. (c) The tax required to be levied by this section shall be collected only once on each transaction and in the county in which the deed is required to be recorded by KRS 382.110(1). (4) The county clerk shall collect the amount due and certify the date of payment and the amount of collection on the deed. The county clerk shall retain five percent (5%) as his fee for collection and remit the balance every three (3) months to the county treasurer, who shall depos it the money in the county general fund. (5) The Revenue Cabinet may prescribe regulations necessary to carry out the purposes of this section. (6) Any county clerk who willfully shall record any deed upon which a tax is imposed by this section without collecting the proper amount of tax and certifying the date and amount of collection on the deed as required by this section based on the declared value indicated in the affidavit appended to the deed shall, upon conviction, be fined $50 for each offense. (7) The tax imposed by this section shall not apply to a transfer of title: (a) Recorded prior to March 27, 1968; (b) To, in the event of a deed of gift or deed with nominal consideration, or from the United States of America, this state, any city or cou nty within this state, or any instrumentality, agency, or subdivision hereof; (c) Solely in order to provide or release security for a debt or obligation; (d) Which confirms or corrects a deed previously recorded; (e) Between husband and wife, or between former spouses as part of a divorce proceeding; (f) On sale for delinquent taxes or assessments; (g) On partition; (h) Pursuant to: 1. Merger or consolidation between and among corporations, partnerships, including regi stered limited liability partnerships, limited partnerships, or limited liability companies; or 2. The conversion of a general partnership, including a registered limited liability partnership, or a limited partnership into a limited liability company; (i) Between a subsidiary corporation and its parent corporation for no consideration, nominal consideration, or in sole consideration of the cancellation or surrender of either corporation's stock; (j) Under a foreclosure proceeding; (k) Between a person and a corporation, general partnership, limited partnership, registered limited liability partnership, or limited liability company in an amount equal to the portion of the value of the real property transferred that represents the proportionate interest of the transferor of the property in the entity to which the property was transferred, if the transfer was for nominal consideration; (l) Between parent and child or grandparent and grandchild, with only nominal consideration therefor; (m) By a corporation, ge neral partnership, limited partnership, registered limited liability partnership, or limited liability company to a person as owner or shareholder of the entity, upon dissolution of the entity, in an amount equal to the portion of the value of the real pro perty transferred that represents the proportionate interest of the person to whom the property was transferred, if the transfer was for nominal consideration; (n) Between a trustee and a successor trustee; and (o) Between a limited liability company and any of its members. (8) The tax imposed by subsection (2) of this section shall not apply to transfers to a trustee, to be held in trust, or from a trustee to a beneficiary of the trust if: (a) The grantor is the sole beneficiary of the trust; (b) The grantor is a beneficiary of the trust and a direct transfer from the grantor of the trust to all other individual beneficiaries of the trust would have qualified for an exemption from the tax pursuant to one (1) of the provisions of subsection (7) of this section; or (c) A direct transfer from the grantor of the trust to all other individual beneficiaries of the trust would have qualified for an exemption from the tax pursuant to one (1) of the provisions of subsection (7) of this section. Fiduciary Deed Page 1 of 4 FIDUCIARY DEED ______________________________ , as ____________________________________ , by the power conferred b y the Kentucky Revised Statutes, and every other power, for valuable consideration paid, does hereby grant, bargain, and convey, with fiduciary covenants, unto ______ __________________ , an individual, or ________________________ and ________________________ , individuals, or ________________________ and ________________________ , Husband and Wife, as joint tenants and not a s tenants in common, hereinafter “Grantee(s)”, whether one or more, the following lands and property, together with all improvements located thereon, lying in the County of __________________ , State of Kentucky, to -wit: See Legal Description Attached as Exhibit A incorporated by reference as though set forth in full Legal Description: Prior Title Information: This is the identical property conveyed by deed of ______________________________ , Grantor(s) to ______________________________ and Prepared By and After Recording Return to: Send Tax Statements to Grantee (Name and Address): -------- Above This Line Reserved For Official Use Only -------- Fiduciary Deed Page 2 of 4 ______________________________ , dated __________________ , and recorded in the office of the Register of Deeds for ___________ _ County, Kentucky, in Deed Book ______ , at Page ______ . In Witness Whereof, the said ____________________________________ , ____________________________________ , has hereunto set his/her hand this ______ day of ____________ , 20 ______ . Signature Print Name State of Kentucky County of __________________ The foregoing instrument was acknowledged before me this __________________ (date), by ______________________________ (name of person acknowledged). My commission expires: Notary Public Serial Number, if any: Type or Print Name CERTIFICATE OF VALUE GRANTOR AND GRANTEE, being duly sworn, do certify that the transfer effected in this deed is a gift or a bona fide sale and that the estimated fair cash value of the property described is ______________________ Dollars ($ ______________________ ). The Grantee joins in this deed for the sole purpose of certifying the consideration pursuant to KRS 382.135. Subscribed and sworn to before me This ______ day of ___________ _______ , 20 ______ Fiduciary Deed Page 3 of 4 Grantor/Affiant Type or Print Name My commission expires: Notary Public Serial Number, if any: Type or Print Name Grantee/Affiant Type or Print Name Grantee/Affiant Type or Print Name My commission expires: Notary Public Serial Number, if any: Type or Print Name Fiduciary Deed Page 4 of 4 Grantor(s) Name, Address and phone: Grantee(s) Name, Address and Phone: ** Type name and title of fiduciary such as: “John Doe, as Executor of the Estate of John Doe, Sr.”, “John Doe, as Administrator of the Estate of John Doe, Sr.”, “ John Doe, as Trustee of the John Doe, Sr. Family Trust”, “John Doe, as Guardian of the Person and Estate of John Doe, Sr.”, “John Doe, as Conservator of the Person and Estate of John Doe, Sr.”, Fiduciary Deed Exhibit A EXHIBIT A