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Grant Deed
- A
legal instrument (legal
document) which is used to
transfer (convey) rights in
real property from one
entity (the grantor) to
another (the grantee). A
Grant, or Bargain and Sale
Deed contains no express
warranties against
encumbrances. It does ,
however, imply that the
grantor holds title and
possession of the property.
The words in the granting
clause are usually ABC
grants and releases or XYZ
grants, bargains, and sells.
Because the warranty is not
specifically stated, the
grantee has little recourse
if title defects appear
later. In some areas this
deed is used in foreclosures
and tax sales. Each party
transferring an interest in
the property, or "grantor",
is required to sign it. Then
the document must be
acknowledged before a notary
public (notarized) or other
official authorized by law
to administer oaths. The
notary public or other
official then places a seal
and marks the document
accordingly to show that it
was properly signed and
acknowledged. The reason the
document must be notarized
is to provide evidence that
the document is genuine as
transaction documents are
sometimes forged. The Grant
Deed must also describe the
property by legal
description of boundaries
and/or parcel numbers. Grant
deeds do not need to be
recorded to be valid,
however it is in the
grantee's best interest to
record the deed.
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Other Deed Types |
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Quit Claim Deed
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A
quit claim deed
is a legal instrument by
which the owner of a
piece of real property
transfers their interest
to a recipient, called
the grantee.
Unlike most
other property deeds, a
quitclaim deed contains
no title convenant and
thus, offers the grantee
no warranty as to the
status of the property
title; the grantee is
only entitled to
whatever interest the
grantor actually
possesses at the time
the transfer occurs.
This means that the
grantor does not
guarantee that he
actually owns the
property at the time of
the transfer, or if he
does own it, that the
title is free and clear.
It is therefore possible
for a grantee to receive
no actual interest, and
-- because a quitclaim
deed offers no warranty
-- have no legal
recourse to recover her
losses.
More information
about quit claim deeds.
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Warranty Deed
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A Warranty Deed
is a type of deed where
the grantor (seller)
guarantees that he or
she holds clear title to
a piece of real estate
and has a right to sell
it to the grantee
(buyer). The guarantee
in a general warranty
deed is not limited to
the time the grantor
owned the property, it
extends back to the
property's origins. A
General Warranty Deed
includes six traditional
forms of Covenants for
Title. Those six
traditional forms of
covenants can be broken
down into two
categories: present
covenants and future
covenants.
More Information about
warranty deeds.
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