What Is a Corporation Grant Deed?

A corporation grant deed is a document that transfers the ownership of a parcel of actual estate from 1 business to an additional person or business. The business that tends to make the transfer does not require to be registered as a organization corporation, and a town federal government that sells or grants a house might also problem a corporation grant deed.

Importance

When a true estate developer purchases raw land and builds homes on the land, the developer retains the title to all of the land in the housing tract. To transfer an personal great deal to a purchaser, the genuine estate developer problems a corporation grant deed to the purchaser. The true estate developer nonetheless owns the other tons, and it troubles a separate corporation grant deed to every new purchaser.

Homeowners' Association

The true estate developer could also situation corporation grant deeds to a homeowners' association. In housing tracts that a homeowners' association controls, the association manages widespread use places, these as tennis courts, boat docks, and recreational centers that all citizens can use. Every single parcel or easement is coated by a separate corporation grant deed.

Information

When a purchaser purchases a residence from a actual estate developer, the true estate developer registers the residence transfer with the county. In accordance to the County of Los Angeles, the seller mails a duplicate of the corporation grant deed to the homeowner right after the purchase is full, though it may possibly get a handful of weeks for delivery. If a homeowner has misplaced his duplicate of this deed, the homeowner can purchase a new duplicate of the corporation grant deed from the county clerk or recorder. Personal organizations also sell copies of corporation grant deeds, though this is typically a lot more pricey than acquiring a duplicate from the county.

Foreclosure

A corporation grant deed aids create the chain of title, which refers to each and every specific or business that has owned the home. In accordance to Los Angeles County Supervisor Zev Yaroslavsky, a corporation grant deed will not defend a homeowner from foreclosure if the mortgage loan loan provider has enough Data to set up the chain of title, though it can avoid fraudulent foreclosure proceedings. The homeowner does not need to have to provide a duplicate of the corporation grant deed to the county just before a deadline to avoid a foreclosure, simply because the county currently has a duplicate of this deed in its Information.