A grant deed is the most common type of deed used to transfer property from a seller to buyer. Grant deeds are used for properties that are mortgaged and not mortgaged. Upon closing of the property's purchase/sale, the title company records the grant deed at the county courthouse and sends the buyer the original in the mail. In order to use a grant deed, the property must be clear of any claims.
A warranty deed is the same thing, its just a deed with language giving the buyer a warranty against any other claims or liens arising from the sell of it.
For preforeclosures you should probably just use a deed of trust since more often than not, you will buy it knowing that its got liens and mortgages on it.
hth,
G[ Edited by GWmson on Date 08/15/2003 ]
Hi
Can evenbody explain to me what a sub2
on preforeclosure means?
If I am not mistaken a Grant deed is a warranty deed, someone correct me if i'm wrong! -Dave-
drokefe1 is right.
This is what I dug up about grant deeds.
A grant deed is the most common type of deed used to transfer property from a seller to buyer. Grant deeds are used for properties that are mortgaged and not mortgaged. Upon closing of the property's purchase/sale, the title company records the grant deed at the county courthouse and sends the buyer the original in the mail. In order to use a grant deed, the property must be clear of any claims.
A warranty deed is the same thing, its just a deed with language giving the buyer a warranty against any other claims or liens arising from the sell of it.
For preforeclosures you should probably just use a deed of trust since more often than not, you will buy it knowing that its got liens and mortgages on it.
hth,
G[ Edited by GWmson on Date 08/15/2003 ]
Grant Deeds and Warranty Deeds are similar, the difference is that different states use different deeds.
Example:
Georgia uses Warranty Deeds
California uses Grant Deeds
Go to your local county courthouse and see which deeds are used in your state!
Hope This Helps,
Mrs. Meltzer