Real Estate Terms | ...ee VS ...or
...or vs. ...ee
If real estate terms weren't confusing enough! Some terms can completely throw you in a loop wondering if you are the Mortgagor or Mortgagee. Here is a quick cheat sheet so when you start looking further into real estate you'll be familiar with the terms. As a basic understanding you should know that the suffix "or" gives and "ee" receives. Try to remember that there are multiple "E's" in "Receive". Here are a few common uses:
Mortgagor vs. Mortgagee
Mortgagee = Bank - receives a mortgage document...in return for money
Mortgagor = Buyer - gives the bank a mortgage document (in return for the money), usually the buyer.
Lessor vs. Lessee
Lessee = The Renter- The tenant that receives the lease document.
Lessor = Landlord- Owner that gives the tenant a lease.
Grantor vs. Grantee
Grantee = Buyer- Receives property by a deed
Grantor = Seller- Gives a deed to transfer property
All of these are likely to come up in a real estate transaction. Try to remember what they mean so that you don't get confused when signing the mortgage, deed, or lease.