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Bargain and Sale Deed (Property)

A legal document used to transfer ownership of property from a seller to a buyer, typically used in real estate transactions.

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Service Description

A Bargain and Sale Deed is a legal document that is used to transfer ownership of real property from one owner to another. This type of deed is commonly used in real estate transactions, particularly in situations where the property is being sold without a warranty of title.

The term “bargain and sale” refers to the fact that the transfer of ownership is made in consideration of a monetary payment. The deed itself contains a recital of consideration, which is a statement indicating the amount of money that was paid for the property.

Unlike a warranty deed, which includes a guarantee that the title being conveyed is free and clear of any liens or encumbrances, a bargain and sale deed provides no such guarantee. This means that the buyer takes the property subject to any liens, encumbrances, or defects in title that may exist.

In addition to the recital of consideration, a bargain and sale deed typically includes a legal description of the property being conveyed, as well as the names of the grantor (the seller) and the grantee (the buyer). The deed must also be signed and notarized by the grantor in order to be legally valid.

It is important to note that in some states, a bargain and sale deed may be used as a conveyance method for certain types of property, such as tax sale properties or foreclosure properties. In these cases, the deed may include additional language or requirements in order to comply with state law.

Overall, a Bargain and Sale Deed is a useful document for transferring ownership of real property, particularly in situations where a warranty of title is not required or expected. However, it is important for both parties to understand the limitations of this type of deed and to ensure that all necessary legal requirements are met in order to avoid any potential issues or disputes down the line.

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