Which party receives title to the property in a sale?

In a sale, the party that receives title to the property is the grantee. When a property is sold, the seller (often referred to as the grantor in this context) transfers ownership of the property to the buyer, who assumes the role of the grantee. The grantee is the individual or entity that receives the deed and thus gains legal ownership of the property. This title transfer is a crucial aspect of real estate transactions, indicating that the grantee has the right to utilize, modify, or sell the property as they see fit.

Understanding this role is essential in real estate law and transactions, as it clarifies the rights and responsibilities that come with property ownership. The seller's role is to relinquish ownership, while banks may play a role in financing the transaction but do not typically receive title in a simple sale unless specific conditions apply, such as foreclosure situations. The distinction between the roles of these parties is critical for anyone studying auctioneering and real estate practices.