Bargain and sale deed
Encyclopedia
A bargain and sale deed is in United States
real property
law, a deed
"conveying real property
without covenants".
This is a deed "for which the grantor implies to have or have had an interest in the property
but offers no warranties of title to the grantee. This type of deed is typically used in many states to transfer title."
Under common law
, this type of deed technically created a use (law)
in the buyer
who then gets title. Under the Statute of uses
, modern real property law disregards this subtle distinction.
A bargain and sale deed is especially used by local governments, fiduciaries such as executor
s, and in foreclosure sales by sheriff
s and referee
s. The fact that it comes without any warranties from the government means that the new owner may not have good title
. However, if the city did not have good title, then the new landowner may seek a remedy
against the local government.
Some states require a specific form to be used. Some states also allow a grantor (or seller) to add warranties. In such case, it may be called a bargain and sale with covenants deed.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
real property
Real property
In English Common Law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and the improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, various property rights, and so forth...
law, a deed
Deed
A deed is any legal instrument in writing which passes, or affirms or confirms something which passes, an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions sealed...
"conveying real property
Real property
In English Common Law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and the improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, various property rights, and so forth...
without covenants".
This is a deed "for which the grantor implies to have or have had an interest in the property
Property
Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...
but offers no warranties of title to the grantee. This type of deed is typically used in many states to transfer title."
Under common law
Common law
Common law is law developed by judges through decisions of courts and similar tribunals rather than through legislative statutes or executive branch action...
, this type of deed technically created a use (law)
Use (law)
Use, as a term in real property law of common law countries, amounts to a recognition of the duty of a person, to whom property has been conveyed for certain purposes, to carry out those purposes....
in the buyer
Buyer
When someone gets characterised by their role as buyer of certain assets, the term "buyer" gets new meaning:A "buyer" or merchandiser is a person who purchases finished goods, typically for resale, for a firm, government, or organization...
who then gets title. Under the Statute of uses
Statute of Uses
The Statute of Uses was an Act of the Parliament of England that restricted the application of uses in English property law. The Statute was originally conceived by Henry VIII of England as a way to rectify his financial problems by simplifying the law of uses, which moved land outside the royal...
, modern real property law disregards this subtle distinction.
A bargain and sale deed is especially used by local governments, fiduciaries such as executor
Executor
An executor, in the broadest sense, is one who carries something out .-Overview:...
s, and in foreclosure sales by sheriff
Sheriff
A sheriff is in principle a legal official with responsibility for a county. In practice, the specific combination of legal, political, and ceremonial duties of a sheriff varies greatly from country to country....
s and referee
Referee
A referee is the person of authority, in a variety of sports, who is responsible for presiding over the game from a neutral point of view and making on the fly decisions that enforce the rules of the sport...
s. The fact that it comes without any warranties from the government means that the new owner may not have good title
Title
A title is a prefix or suffix added to someone's name to signify either veneration, an official position or a professional or academic qualification. In some languages, titles may even be inserted between a first and last name...
. However, if the city did not have good title, then the new landowner may seek a remedy
Legal remedy
A legal remedy is the means with which a court of law, usually in the exercise of civil law jurisdiction, enforces a right, imposes a penalty, or makes some other court order to impose its will....
against the local government.
Some states require a specific form to be used. Some states also allow a grantor (or seller) to add warranties. In such case, it may be called a bargain and sale with covenants deed.
See also
- Conveyance
- DeedDeedA deed is any legal instrument in writing which passes, or affirms or confirms something which passes, an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions sealed...
- Foreclosure sale
- Quitclaim deedQuitclaim deedA quitclaim deed is a legal instrument by which the owner of a piece of real property, called the grantor, transfers his interest to a recipient, called the grantee. The owner/grantor terminates his right and claim to the property, thereby allowing claim to transfer to the...
- Warranty deedWarranty deedA general warranty deed is a type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee . The guarantee is not limited to the time the grantor owned the property—it extends back to the property's origins. A General...