Grantor and Grantee Defined
Based on the provided search results, here are the essential definitions:
- Grantor: The individual or entity transferring ownership of money or property to another party. The grantor must own the property and be willing to transfer it. In estate planning, the grantor is also known as the settlor or trustor of a trust. In real estate, the grantor is the seller or landlord.
- Grantee: The individual or entity receiving the transfer of money or property from the grantor. The grantee accepts the transfer of ownership into their name. In estate planning, the grantee is also known as the beneficiary or heir of a trust. In real estate, the grantee is the buyer or renter.
Real Estate Context
In a real estate transaction, the grantor (seller or landlord) transfers legal ownership rights to the grantee (buyer or renter). The grantor signs all necessary documents to make the transfer legal, while the grantee signs documents to accept ownership of the property.
Types of Deeds
The search results mention specific types of deeds, including:
- Special warranty deed: Used by a grantor (seller) who has no knowledge of any issues with the property title or property during and before their ownership.
- General warranty deed: Used by a grantor (seller) who guarantees that there are no undisclosed issues with the property title or property during and before their ownership.