This form is a Bargain and Sale Deed where the grantors are husband and the grantees are two individuals holding title as joint tenants.
A bargain and sale deed is a legal document that transfers the ownership of real property from a seller to a buyer. This type of deed is commonly used in real estate transactions and is often associated with certain types of property sales, such as tax sales or foreclosure sales. The bargain and sale deed provides no warranties or guarantees to the buyer, and it typically conveys only the rights and interests that the seller possesses. One example of a bargain and sale deed is the "quitclaim deed." This deed transfers only the interest or claim that the seller has in the property, without making any promises regarding the property's title. It is frequently used to resolve discrepancies or issues related to ownership, and is considered to be the riskiest form of deed for a buyer. Another type of bargain and sale deed is the "sheriff's deed." This is typically used in foreclosure sales where a property is sold by the court to satisfy a mortgage or other delinquent debts. The sheriff's deed transfers the ownership rights of the foreclosed property to the highest bidder at the auction. Similar to the quitclaim deed, it offers no warranties to the buyer. It is important to note that the exact contents and specifications of a bargain and sale deed can vary depending on the jurisdiction in which the transaction occurs. However, regardless of the specific type, a bargain and sale deed generally includes key elements such as: 1. Granter and grantee: Names and addresses of both the seller (granter) and the buyer (grantee). 2. Legal description: A thorough and accurate description of the property being transferred, including the metes and bounds, lot numbers, and any other relevant information necessary to identify the property accurately. 3. Consideration: The agreed-upon amount of money or other forms of consideration being exchanged for the property. 4. Recitals: Statements that outline the reason for the transfer, such as the satisfaction of debts, a tax sale, or foreclosure proceedings. 5. Covenants: Any specific promises or obligations made by the granter to the grantee, if applicable. However, a bargain and sale deed generally does not include the same warranties seen in a warranty deed. 6. Signatures and notarization: Both the granter and grantee must sign the document in the presence of a notary public for it to be legally valid. In summary, a bargain and sale deed is a legal instrument used to transfer ownership rights in real property. It contains no guarantees or warranties but conveys the seller's interest in the property to the buyer. The two common examples of bargain and sale deeds are the quitclaim deed and the sheriff's deed. However, it is essential to consult with a real estate attorney or legal professional to understand the specific requirements and nuances of bargain and sale deeds in your jurisdiction.
