Definition of Grant
A “Grant” in real estate is a term used to indicate the transfer of property ownership or an interest in property from a grantor (the person transferring the property) to a grantee (the person receiving the property). This is often documented in a legal instrument known as a deed. The act of granting involves specific terms, conditions, and typically signifies a form of warranty or guarantee concerning the property title.
Examples
- Deed of Trust: John and Mary, as trustors, grant their property to a trustee in a deed of trust to benefit the lender.
- Warranty Deed: Patrick grants a parcel of land to a buyer, ensuring clear title to the property with no legal claims on it.
- Quitclaim Deed: Lee grants any interest he has in a property to his sibling, Sarah, without any warranties regarding the title.
Frequently Asked Questions (FAQs)
What is the role of a grantor in a property transfer?
The grantor is the individual or entity that transfers ownership or interest in the property to another party. The grantor must have legal authority to do so and typically signs the deed to finalize the transfer.
What does a grantee receive in a grant?
The grantee receives the property or interest in the property being transferred. This could range from full ownership (fee simple) to a lesser interest, such as an easement.
Is a grant the same as a sale?
Not necessarily. A grant refers to the transfer of property, which can occur as part of a sale, gift, or in fulfillment of contractual obligations without a monetary exchange.
What types of deeds commonly involve a grant?
Common deeds involving a grant include warranty deeds, quitclaim deeds, and grant deeds. Each type has different levels of protection and guarantees for the grantee.
Can a grant be contested?
Yes, if there are disputes about the grantor’s authority to transfer the property, the accuracy of the deed, or issues regarding the title, the grant can be contested in court.
Related Terms
- Deed: A legal document that formalizes the transfer of ownership or interest in real property from one party to another.
- Conveyance: The legal process of transferring property from one owner to another.
- Grantor: The person or entity that transfers their interest in real property.
- Grantee: The recipient of the interest in real property.
- Quitclaim Deed: A deed that transfers any interest the grantor may have without warranties.
- Warranty Deed: A deed that guarantees a clear title to the property getting transferred.
Online Resources
References
- “The Language of Real Estate,” John W. Reilly, Sixth Edition, 2013.
- “Modern Real Estate Practice,” Fillmore W. Galaty, Wellington J. Allaway, Robert C. Kyle, 20th Edition, 2018.
Suggested Books for Further Studies
- “Real Estate Law” by Marianne M. Jennings: This book explores fundamental principles of real estate law providing a detailed explanation of concepts such as grants, property interests, and covenants.
- “The Real Estate Wholesaling Bible” by Than Merrill: While focused on wholesaling, this resource also dives into essential real estate concepts including the legal aspects of property transfers.
- “Your Successful Real Estate Career” by Kenneth W. Edwards: A comprehensive guide covering the various facets of real estate transactions, including the legal side of property conveyance and grants.
