A grant deed basically “transfers title to real property or a real property interest from one party (grantor) to another (grantee)” (Farlex Legal Dictionary). Selling a rental property may have tax consequences on the seller (under whose name the property is on before the sale), depending on whether there is a gain or loss from sales. IRS Publication 544 provides a guide in determining whether one has realized gain or loss during the exchange. It states that recognized gains must be included in gross income while recognized losses are deductible from gross income, unless it falls under “non-taxable exchanges.”
An experienced tax attorney could provide a more detailed explanation and answers to questions involving taxes related to sale of a property that’s why it is advisable to contact one to be properly guided.