Real Estate Word of the Day: Grantee
A grantee is the individual or entity that receives an interest in property from another party. This transfer of interest typically occurs through a legal document known as a deed. The person or entity transferring the interest is called the grantor. Therefore, in a real estate transaction, the grantor gives, and the grantee receives.
When a property is sold, a deed is prepared to document the transfer of ownership. The grantor signs the deed, indicating their intention to transfer the property to the grantee. Upon signing the deed, the grantee receives the title to the property. The title signifies legal ownership and the right to use and enjoy the property. To make the transfer official and public, the deed is recorded in the county or city records where the property is located. This recording protects the grantee’s interest in the property by providing a public record of ownership. As the new owner, the grantee assumes all rights and responsibilities associated with the property. This includes paying property taxes, maintaining the property, and adhering to any local zoning laws or homeowner association rules.
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