- Grant deeds act as a legal contract to complete the transfer of property. A grant deed extends a warranty from the seller that the title will be only in the buyer's name and that there are no liens on the property. A grant deed needs to include the seller's and buyer's names. The purchase price, or consideration, must also be listed.
- When the terms of the agreement between buyer and seller are agreed upon, the deed can be executed. In most states, only the seller needs to sign. The deed must be notarized by a notary public. Once complete, the grant deed must be filed on record at the county recorder's office where the property is located. The recorder's office will charge a fee to file the deed.
- Warranty deeds and guarantee deeds offer the same promise as the grant deed to the buyer. However, with them, sellers are responsible for any title issues that occurred before they took ownership and after they sell the property. Because grant deeds offer a guaranty only on the current property transfer, they are not typically used for the purchase of property. A grant deed can be used to add or remove someone from the property's title.
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