Deeds, Contracts, and Leases

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Terms in this set (45)

deed

"A written, legal instrument that conveys an estate or interest in real property when it is executed and delivered."

Grantor

The seller of a property

Grantee

The buyer

Title officially passes from one party to another

when a deed is delivered by the grantor and accepted by the grantee.

To be legally valid

•The deed must be in writing
•There must be a description of the parties
•The grantor must be legally capable (for example, not a minor or legally incapacitated)
•The property must be adequately described
•There must be a legally acceptable grantee clause
•There must be a consideration (amount)
•The deed must be signed by the grantor
•The deed must be delivered to the grantee