GLOSSARY 577

GLOSSARY 577

GRANT DEED — A limited warranty deed using the word “grant” or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor. GRANTEE — A person to whom a grant is made. GRANTOR — A person who transfers his or her interest in property to another by grant. GRATUITOUS AGENT — A person not paid by the principal for services on behalf of the principal, who cannot be forced to act as an agent, but who becomes bound to act in good faith and obey a principal’s instructions once he or she undertakes to act as an agent. GRID — A chart used in rating the borrower risk, property and the neighborhood.