Grant Deed 2024

Grant Deed: What You Should Know

A quitclaim is a copy of the original sale, and is used to transfer ownership of the real property, whether it was previously purchased. Grant deed vs. quitclaim: the differences (Grant deed: An actual sale of the property, signed and witnessed by the owner. See definition below.) (Quitclaims: The original document of ownership, and is used to transfer ownership of a property. See definition below.) Definition of Grant Deed A Grant Deed is a legal document used to transfer title to a property, whether for any reason whatsoever, to: A. A person, including a corporation, who receives money as payments for the use and occupation of real property, whether the owner of the real property consents to the arrangement. (This may include a loan and is common to many real estate transactions. The borrower is receiving interest, not money, from the loaner.) (This also depends on state of residence. Some cities, for example, do, not, have laws that allow loan interest payments to be treated as an “interest” payment under this definition.) Definition of Quitclaim A Quitclaim is a document that is attached to a sale of real property that is issued to the purchaser of the real property as a means for the purchaser to transfer ownership to an individual who is making a claim. (Most states have laws that allow this; California does not.) Definition of Grant Deed A Grant Deed is a document used to transfer title of real property from a granter, meaning the purchaser, to a grantee, meaning the person to whom title has been transferred. A Grant Deed can be attached to any sale of real property, by a person, corporation, business or governmental entity (including the government) without any need for payment or permission from the owner. A Quitclaim cannot be attached to and therefore is not applicable to many sales of real property, because there is no actual transfer of title to the property. Grant Deed Forms Grant deeded property is often referred to as property with a right of survivorship, and can be considered a “living trust.” The legal system recognizes a grantee's interest in the property, and provides a legal safeguard for that interest: • A person, corporation or government entity has the right to grant a specific grant to another person, corporation or government entity in exchange for a specific amount of money. The specific terms of this guarantee vary from state to state and from case to case.

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