16:09
Just got my Michigan rejection
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Simple English definitions for legal terms
grant deed
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A quick definition of grant deed:
A grant deed is a legal document that transfers ownership of a property from one person to another. The person who is selling the property promises that they have not done anything to create problems with the property's ownership while they owned it. They might also pay for insurance to protect the buyer from any problems that might come up later. However, if there were any problems with the property before the seller owned it, the buyer might have to deal with those problems themselves.
A more thorough explanation:
A grant deed is a legal document used to transfer ownership of real property from one person or entity to another. It provides limited protection to the person receiving the property, known as the grantee.
The grantor, or person transferring the property, promises that they have not encumbered the property in any way during their ownership. This means that there are no liens, claims, or other issues that could affect the grantee's ownership of the property.
However, grant deeds do not provide a guarantee that there were no encumbrances on the property prior to the grantor's ownership. This means that if someone comes forward with a claim on the property that existed before the grantor owned it, the grantee may be responsible for resolving the issue.
For example, if John sells his house to Jane using a grant deed, he promises that there are no liens or other issues with the property during his ownership. However, if it turns out that John failed to pay property taxes before he owned the house, Jane may be responsible for paying those taxes.
Another example is if a company sells a piece of land to another company using a grant deed. The grantor promises that there are no liens or other issues with the property during their ownership. However, if it turns out that the land was previously used as a hazardous waste dump, the grantee may be responsible for cleaning up the site.