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Simple English definitions for legal terms
grantor
Read a random definition: MP
A quick definition of grantor:
A grantor is someone who gives or sells a piece of land or property to another person, who is called the grantee. If the grantor gives the property as a gift, they may have to pay a tax.
A more thorough explanation:
A grantor is a person who gives or sells a piece of real estate to someone else. The person who receives the property is called the grantee.
For example, if John wants to give his house to his daughter, he is the grantor and his daughter is the grantee. Or, if Sarah sells her land to her neighbor, she is the grantor and her neighbor is the grantee.
It's important to note that if a grantor gives property to a grantee without receiving enough money in return, they may have to pay a federal gift tax.
Overall, a grantor is someone who transfers ownership of real estate to another person.