The New Jersey Granting Clause is a crucial component of real estate documents in the state of New Jersey. This clause provides definitive information about the type of ownership being transferred in a property transaction. It determines the extent of rights and interests conveyed from the granter (seller) to the grantee (buyer). The primary purpose of the New Jersey Granting Clause is to guarantee that the granter possesses the legal right to transfer the property to the grantee. It also ensures that there are no outstanding claims, encumbrances, or liens on the property that could potentially affect the buyer's ownership rights. There are several types of New Jersey Granting Clauses commonly used in real estate transactions, including: 1. General Warranty Deed Granting Clause: This type of Granting Clause provides the highest level of protection to the grantee. It guarantees that the granter possesses full ownership rights in the property. Additionally, it guarantees that the property is free from any encumbrances, except those specifically mentioned in the deed. 2. Special Warranty Deed Granting Clause: Unlike the General Warranty Deed, the Special Warranty Deed only guarantees that the granter has not caused any defects or encumbrances on the property during their ownership. This type of Granting Clause does not provide protection against any pre-existing defects or encumbrances. 3. Quitclaim Deed Granting Clause: The Quitclaim Deed Granting Clause offers the least amount of protection to the grantee. It simply states that the granter is transferring their ownership interest, if any, to the grantee. It does not claim that the granter has any ownership rights or guarantee the absence of defects or encumbrances on the property. The New Jersey Granting Clause is an essential element in any real estate transaction, as it provides clarity and protection for both the buyer and the seller. It is important for both parties to thoroughly understand the type of Granting Clause being used and its implications before finalizing any property transfer.
New Jersey Granting Clause
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How to fill out Granting Clause?
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Race-Notice Statute. Under a race-notice statute, a later purchaser of an interest has the priority interest if the later purchaser is a bona fide purchaser and records the interest first in time. The bona fide purchaser cannot have constructive, actual, or inquiry notice of any other claim against the property.
Generally, New York is a ?Race Notice? state meaning that the first party to record a document which confirms its ownership interest in the property prevails in a dispute.
New Jersey is a ?race notice? state. Where parties having competing interests in property, the first to record their interest in the county records has priority. Statutes set out the rules requires for deeds to effectively transfer ownership.
States that follow the Race-Notice statute: Alaska, Arkansas, California, Colorado, District of Columbia, Georgia, Hawaii, Idaho, Indiana, Maryland, Michigan, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Jersey, New York, North Dakota, Ohio (regarding mortgages, OH follows the Race statute), Oregon, ...
Private property shall not be taken for public use without just compensation. Individuals or private corporations shall not be authorized to take private property for public use without just compensation first made to the owners.
New Jersey is a ?race notice? state. Where multiple parties make a claim to the property, the first recorded document is given priority. Priority is the order that property right claims (such as by buyers or lenders) will be enforced.
Promises by Grantor. This promise is called a "covenant as to grantor's acts" (N.J.S.A. -6). This promise means that the Grantor has not allowed anyone else to obtain any legal rights which affect the property (such as by making a mortgage or allowing a judgment to be entered against the Grantor).
The deed must be signed in ink by the Grantors in the presence of a notary public, with the Grantors' names printed below the signatures. Contrary to popular belief, the Grantors' signatures do not need to be witnessed (other than by a notary). The deed does not need to be signed by the Grantees (buyers).