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Prepared by U.S. Legal Forms, Inc. Copyright 2016 - U.S. Legal Forms, Inc. STATE OF KENTUCKY WARRANTY DEED [Warranty Deed converting Separate Property or Joint Property to Joint Tenancy] Control Number – KY - SDEED - 4 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 with 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 sh aded 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 th e 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 problem 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 WHATSOEVER (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 nota rized 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 an d 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 l aw, 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 other than by gift, or with nominal or no consideration a sworn, no tarized 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 the 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 the parent or guardian of a person under eighteen (18) years old, stating that t he 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 shall 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 cemetery lots; and (e) Deeds which correct errors in previous deeds conve ying 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 body of the deed. (4) In the event of a transfer of property by wil l 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 which 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 established for any purpose in the handling of the estate, or a statement t hat 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 o f 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, including 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 under the then preva iling 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) fo r 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 for recordation, th e 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 proper ty 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 amoun t 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 deposit the money in t he 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 pr oper 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 impo sed 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 county within this s tate, 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, o r 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 registered limited liability pa rtnerships, 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 corpo ration 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 par tnership, 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 proper ty 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, general 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 property transferred that repr esents 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 o f 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 t ransfer 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 Warranty Deed Page 1 of 4 Prepared By and After Recording Return to: Send Tax Statements to Grantee (Name and Address): -------- Above This Line Reserved For Official Use Only -------- WARRANTY DEED (Separate Property or Joint Property to Joint Tenancy) KNOW ALL MEN BY THESE PRESENTS THAT: FOR VALUABLE CONSIDERATION OF TEN DOLLARS ($10.00), and other good and valuable consideration, cash in hand paid, the receipt and sufficiency of which is hereby acknowledged, ______________________________ , an individual, married unmarried, or ______________________________ , married unmarried and ______________________________ , married unmarried, hereinafte r referred to as “Grantor”, whether one or more does hereby grant, bargain and convey unto ______________________________ and ______________________________ , as joint tenants with rights of survivorship, hereinafter “Grantees”, 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 instrument reference: Book ______ , Page ______ , Document No. ______ , of the Recorder of ______________________ County, Kentucky . LESS AND EXCEPT all oil, gas and minerals, on and under the above described property owned by Grantor, if any, which are reserved by Grantor. Warranty Deed Page 2 of 4 SUBJECT to all easements, rights -of-way, protective covenants and mineral reservations of record, if any. TO HAVE AND TO HOLD same unto Grantees, and unto Grantees’ heirs and assigns forever, with all appurtenances thereunto belonging. Taxes for tax year ______ shall be prorated between Grantor and Grantees as of the date selected by Grantor and Grantees, or paid by Grantees, or paid by Grantor. The property herein conveyed is not a part of the homestead of Grantor, or is part of the homestead of Grantor and if Grantor is married, the conveyance is joined by both Husband and Wife. GRANTOR does for Grantor and Grantor’s heirs, personal representatives, ex ecutors and assigns forever hereby covenant with GRANTEES that Grantor is lawfully seized in fee simple of said premises; that the premises are free from all encumbrances, unless otherwise noted above; that Grantor has a good right to sell and convey the s ame as aforesaid; and to forever warrant and defend the title to the said lands against all claims whatever. TO HAVE AND TO HOLD to the said Grantees as joint tenants, with right of survivorship, their heirs, personal representatives, executors and assign s forever: it being the intention of the parties to this conveyance, that (unless the joint tenancy hereby created is severed or terminated during the joint lives of the grantees herein) in the event one Grantee herein survives the other, the entire intere st in fee simple shall pass to the surviving Grantee, and if one does not survive the other, then the heirs and assigns of the Grantees herein shall take as tenants in common. WITNESS Grantor(s) hand(s) this the ____ day of ________________ , 20 ____ . (1st Grantor’s Signature) (2nd Grantor’s Signature) Type or Print Name Type or 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 Warranty Deed Page 3 of 4 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 ______ Grantor/Affiant Type or Print Name My commission expires: Notary Public Serial Number, if any: Type or Print Name Warranty Deed Page 4 of 4 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 Grantor(s) Name, Address, phone: Grantee(s) Name, Address, phone: SEND TAX STATEMENTS TO GRANTEE Warranty Deed Exhibit A EXHIBIT A