bargain and sale deed

bargain and sale deed

A deed that contains only the name of the seller,the name of the buyer,a recital of consideration,a description of the property,and words of conveyance is a bargain and sale deed.In it,the seller makes no warranties regarding good title or any other matters,but simply sells to the purchaser whatever interest the seller might have had. Typically used in two situations: (1) When the seller obtained the property by law and is not in a position to make warranties because of lack of knowledge and lack of prior control.This would include deeds by administrators of estates, deeds from the IRS after a tax sale,or deeds from a lender after a foreclosure.(2) The second frequent instance is when someone is asked to sign a deed in order to clear up title defects that might or might not have given the seller some rights in the property.The seller is willing to give up any rights he or she might have but is not willing to issue any warranties that he or she owned anything at all. See quitclaim deed.