KY Underwriting Summary

Search/Exam

• Minimum Search Requirements -- No statute, No state-imposed search periods, no marketable record title acts, and no standards imposed by a state bar association. Each underwriter sets its own search standards.
• Plant or other search restrictions --
• Additional Requirements for REO Searches --
• Foreclosure Checklist --
• Special Searches Required (Code, HOA, Utilities)? --
• Survey Requirements --

UPL

Non-attorneys may conduct real estate closings, but may not answer legal questions that arise at the closing, or offer any legal advice to the parties. Preparation of deeds and mortgages is the practice of law and must be prepared by an attorney. Countrywide Home Loans, Inc .v. Kentucky Bar Association; 113 S.W.3d 105 (Ky 2003).

Witness Requirements

Witnesses are not required for deeds and mortgages, however, both must be acknowledged. KRS 382.270.

Mortgage/Transfer Tax

Transfer tax is uniform across the state. Transfer tax is imposed at fifty cents for each $500 of value as declared in the deed. KRS 142.050(2). See KRS 142.050(7) for exceptions.

Spousal Joinder Requirements/Homestead

Kentucky recognizes the dower/curtesy interest of non-titled spouses, and therefore, a non-titled spouse must join in a deed or mortgage to convey his/her interest in the property. KRS 392.020. Kentucky does not recognize civil unions.

Time Limitations

• US Judgment Liens -- 20 years
• State Court Judgment Liens -- 15 years
• Federal Tax Liens -- 10 years (+ 30 days)
• State Tax Liens -- 10 years
• Estate Tax Lien -- 10 years
• State Inheritance Tax Liens -- 10 years
• Mechanics Liens -- 1 year
• Financing Statements -- 5 years
• Mortgages -- 15 years from maturity
• HOA Liens -- 15 years
• Condominium assessments --
• Child Support Liens --