Summary
A bargain and sale deed is in United States real property law, a deed "conveying real property without covenants".[1]
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."[2]
Under common law, this type of deed technically created a use in the buyer who then gets the title.[3] Under the statute of uses, modern real property law disregards this subtle distinction. [citation needed]
A bargain and sale deed is especially used by local governments, fiduciaries such as executors, and in foreclosure sales by sheriffs and referees.[citation needed] The fact that it comes without any warranties from the government means that the new owner may not have a good title.[citation needed] If in fact, the city did not have a good title or the city could not convey a good title, then the new landowner is unlikely to be successful in obtaining a refund of the purchase price.[4]
Some states require a specific form to be used.[5] Some states also allow a grantor (or seller) to add warranties. In such case, it may be called a bargain and sale deed with covenants.[6]
See also edit
References edit
- ^ Black's Law Dictionary, p. 46 (2001 edition).
- ^ Nance, Cheryl P. (2003). Modern Real Estate Practice in Texas. Dearborn Real Estate. p. 354. ISBN 0793184711. Retrieved 13 December 2017.
- ^ See definition of deed, Merriam-Webster's Dictionary of Law. Merriam-Webster, Inc. 1996. p. 126. ISBN 0877796041. Retrieved 13 December 2017.
- ^ See, e.g., "Winters v. County of Clatsop, 150 P. 3d 1104, 210 Or. App. 417 (2007)". Google Scholar. Retrieved 13 December 2017.
- ^ See, e.g., "RCW 64.04.040: Bargain and sale deed—Form and effect". Washington State Legislature. Retrieved 13 December 2017.
- ^ Strawn, James R. (January 2017). "Use of the Special Warranty in Oklahoma and Texas Oil and Gas Transactions". Oil and Gas, Natural Resources, and Energy Journal. 2 (5): 545. Retrieved 13 December 2017.
