Understanding the Role of a Grantee in Property Transactions§
A grantee is the individual or entity that legally receives the title to a piece of property. In simpler terms, the grantee is the buyer of the property. Should the grantee decide to sell the property later on, they transition into the role of the grantor.
When most individuals purchase a home, the title is typically not transferred to them immediately. Often, the bank retains legal ownership of the property until the grantee fully pays off the mortgage.
The term grantee is formally used in the documentation that facilitates property transfer between a buyer and a seller. Many towns offer a grantor/grantee index that details the legal transfer of properties within a town or county, including the type of legal document used for such transfers.
Related Terms: grantor, property title, real estate transaction, property transfer, mortgage.
