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The two parties involved in a warranty deed are the seller, known as the grantor, and the buyer, or the grantee, and either party can be an individual or a business. Most lenders require a warranty deed for properties they finance.
A limited warranty deed transfers legal title to real property. However, this type of deed does not promise clear title; it only guarantees the title for the period during which the grantor owned it. Despite this, it is useful in some situations. Find out more about real estate and business. Start Now.
The Definition Of Grantor And Grantee Mortgage agreements: The lender (grantor) provides funds, and the borrower (grantee) receives them. Trusts: The trust creator (grantor) transfers assets to a beneficiary (grantee). Property deeds: The seller (grantor) transfers ownership to the buyer (grantee).
For example, say a grantor (bank) holds a lien on the title until the grantee (homeowner) has repaid their mortgage. The agreement is that the homeowner will make payments in exchange for lien removal when the mortgage is paid off. Whomever is selling or giving the real estate to another party is deemed the grantor.
Deed not recognized in Ohio: Ohio does not recognize joint tenancy with right of survivorshipa common-law form of joint ownership under which a surviving co-owner automatically receives a deceased co-owners interest.
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A warranty deed is a legal document used when a piece of real estate is sold and the ownership is transferred from the grantor (seller) to the grantee (buyer). The form usually includes a description of the property and discloses all known encumbrances like easements, outstanding liens or judgments.

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