A deed is an instrument by which an owner (the grantor) transfers an interest in land to a new owner (the grantee). No consideration is required to make the deed effective. The deed is necessary to transfer title to land even if it is a gift. It has no effect, and title does not pass until the deed has been delivered. The recording of the deed is not required to make the deed effective to pass title between the buyer and the seller. However, recording is necessary so that the public will know that the buyer is the present owner. Recording constitutes "notice to the world" of the transfer in title.
The grantor is the person selling the property. The grantee is the person buying the property. A grant deed is a deed containing an implied warranty that there are no encumbrances on the property not described in the deed and that the person transferring the property actually owns the title. It must describe the property by legal description of boundaries and/or parcel numbers, be signed by all people transferring the property, and be acknowledged before a notary public. It is in contrast to a quit claim deed, which only conveys the interest that the transferor actually owns, if any, without a warranty of ownership.
A New Jersey Grant Deed is a legal document used to transfer ownership of real property in New Jersey from one party (the granter) to another party (the grantee). This type of deed guarantees that the granter holds clear title to the property and has the right to transfer it. The Grant Deed is commonly used in New Jersey for real estate transactions and is recorded in the county where the property is located. It is an essential document that ensures the buyer (grantee) becomes the legitimate owner of the property and protects their interests. There are various types of Grant Deeds used in New Jersey, depending on the specific transaction or situation. Some commonly used ones include: 1. General Warranty Deed: This type of Grant Deed offers the highest level of protection for the grantee. It contains covenants, guarantees, and warranties from the granter, ensuring that the grantee will not be faced with any legal or financial issues concerning the property's title. 2. Special Warranty Deed: Unlike the General Warranty Deed, a Special Warranty Deed only guarantees that the granter has not caused any title defects during their ownership of the property. It does not cover any issues that may have occurred before the granter's ownership. 3. Quitclaim Deed: A Quitclaim Deed transfers the granter's interest in the property to the grantee without providing any guarantees or warranties about the title. It simply transfers whatever interest the granter has in the property without providing any assurances. 4. Bargain and Sale Deed: This type of Grant Deed is often used in foreclosure or tax sale situations. It conveys the granter's interest in the property, but there are no warranties or guarantees provided. When conducting a real estate transaction in New Jersey, it is crucial to choose the appropriate type of Grant Deed based on the specific circumstances. It is always advisable to consult with a qualified real estate attorney or professional to ensure that the appropriate deed is utilized and that the transfer of property ownership is done correctly and legally. In conclusion, a New Jersey Grant Deed is a legal document used for transferring property ownership. Different types of Grant Deeds, such as General Warranty Deeds, Special Warranty Deeds, Quitclaim Deeds, and Bargain and Sale Deeds, may be used based on the specific requirements of the transaction.
