Grant Deed

A grant deed is a type of deed used in real estate transactions. It is a legally binding document that transfers ownership of real property from the grantor (seller) to the grantee (buyer). The grant deed includes warranties from the grantor that there are no other claims or encumbrances on the property and that the title is clear. The grant deed also provides additional protection for the grantee by including a “quitclaim” clause, which releases the grantor from any future liability related to the property.

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Pros and Cons

Advantages

The main advantage of using a grant deed is that it provides the buyer with a guarantee that the seller has good title to the property and is transferring it free of any encumbrances. This means that the buyer does not have to worry about any problems arising due to a previous owner’s debt or other financial obligations.

Another advantage of a grant deed is that it allows for the transfer of property without having to go through the lengthy process of obtaining a title search. This can save time and money, as it eliminates the need to hire a lawyer or other professional to conduct the search.

Disadvantages

The main disadvantage of using a grant deed is that it does not provide the same level of protection as a warranty deed. A warranty deed provides a guarantee that the title is free of any liens or encumbrances, whereas a grant deed only implies this.

Another disadvantage is that if there is a problem with the title, the buyer may have difficulty recovering damages from the seller. This is because the grant deed does not provide a guarantee that the title is free of any encumbrances

In conclusion, a grant deed can be a useful tool for transferring real property from one party to another.

However, it is important to understand the advantages and disadvantages of using a grant deed before making a decision.

Step-by-Step Instruction

  1. Gather the necessary information to fill out the grant deed form. This includes the legal names of all parties involved, the address of the property, the amount of consideration being exchanged, and the date.
  2. Complete the grant deed form. Make sure all sections are filled out correctly and that all information is accurate.
  3. Sign the grant deed in front of a notary public. Both the grantor (seller) and grantee (buyer) must sign the document.
  4. Have the notary public notarize the grant deed.
  5. Make copies of the signed and notarized grant deed for your records.
  6. File the original grant deed with the county recorder’s office in the county where the property is located.
  7. Pay any applicable filing fees.
  8. Receive a copy of the recorded grant deed from the county recorder’s office.