20:55
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Simple English definitions for legal terms
bargain-and-sale deed
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A quick definition of bargain-and-sale deed:
A bargain-and-sale deed is a written document that transfers ownership of property from one person to another in exchange for money, but it does not guarantee that the seller has a clear title to the property. This means that the buyer takes on the risk of any legal issues with the property. A deed is a legal document that proves ownership of property and can be used in court if there are any disputes.A more thorough explanation:
Definition: A written instrument that conveys property to a buyer for valuable consideration but lacks any guarantee from the seller about the validity of the title.
Example: John sells his house to Jane for $100,000 using a bargain-and-sale deed. John does not make any promises about the title of the property, and Jane takes the risk that there may be issues with the title.
Explanation: A bargain-and-sale deed is a type of deed that is used in real estate transactions. It is different from other types of deeds, such as a warranty deed, because it does not provide any guarantees about the title of the property. This means that the buyer takes on the risk that there may be issues with the title, such as liens or other claims. In the example, John sells his house to Jane using a bargain-and-sale deed, which means that Jane is taking on the risk that there may be issues with the title.