Who is responsible for paying the transfer tax and preparation of the deed in a real estate transaction according to KREC guidelines?

In a real estate transaction, the seller is typically responsible for paying the transfer tax and the preparation of the deed. This responsibility aligns with common practices established by the Kentucky Real Estate Commission (KREC) guidelines, which dictate that the seller's obligations often include the costs associated with transferring ownership of the property.

The transfer tax is a fee imposed by the state or local government on the transfer of property, and it is customarily borne by the seller as part of their closing costs. Similarly, the preparation of the deed, which is the legal document that conveys title from the seller to the buyer, is also traditionally handled by the seller. This division of responsibility helps streamline the closing process and ensures that all necessary paperwork is completed correctly prior to the finalization of the sale.

While buyers might be involved in these aspects out of negotiation or local customs, the default position under KREC guidelines underscores the seller’s responsibility in these key areas of a real estate transaction.