What Is a Grant Deed?
A Grant Deed - or a Grant Bargain and Sale Deed - is a type of Deed used to transfer the ownership of a property from the current owner (grantor) to a person or entity intending to acquire it (a grantee).
What Is a Grant Deed Used for?
A Grant Deed secures a limited warranty of title by guaranteeing that the grantor has not transferred the property title to any other person and that no liens or restrictions were tied to the mentioned property for the period of its ownership by the present grantor. However, this document gives no guarantee to the grantee that there might have been issues well before the current owner. The form generally includes the name of the grantor, the name of the grantee, and the legal description of the transferred property.
These documents can be divided into two main categories:
- Generic Grant Deed forms;
- Interspousal Transfer Grant Deed forms.
The latter is specially designed to transfer the ownership of the real estate from one spouse to another usually in the course of a divorce. Generic Grant Deeds may be used to transfer property to a business the transferor owns, to sell commercial or multi-family residential property, to transfer real estate to the grantee who purchases title insurance and to exempt from the current owner any responsibility for property issues that arose before the current owner acquired the property.