Land Purchase Contract or Contract for Deed
Document must have:
- Name of the seller (KRS 382.200)
- Name of the buyer and their mailing address (KRS 382.335)
- Legal description of the property (Common Law & OAG 81-100)
- Source of title (KRS 382.110)
- Preparation Statement (KRS 382.335)
- The clerk shall request a return mail address (KRS 382.240)
Document must be: signed and acknowledged (notarized) by both parties. (Since this document is analogous to a mortgage and a conveyance it needs to be signed by both parties.) (Contract Law and KRS 382.130 & OAG 95-12)
Indexing Information: Document to be indexed in the general index to deeds. The first party is the seller or grantor. The second party is the buyer or grantee.
To be recorded in the deed book, indexed in general index to deeds. The title remains with the seller until the completion of the contract, at which time the seller must tender a deed to the buyer.
Transfer tax is then collected on the deed. It is not collected on the contract. Legal process tax is collected because the land contract is analogous to a mortgage and a conveyance has occurred. OAG 95-12 & Sebastin v. Floyd.
Boyd County Clerk
Boyd County Courthouse
2800 Louisa St.
Catlettsburg, Ky. 41129
Phone: (606) 739-5116
Cedar Knoll Mall
Phone: (606) 929-9595
335 16th Street
Ashland, Ky. 41101
Phone: (606) 325-3547