Ask Experts Questions for FREE Help !
Ask
    JOYCEJAMES's Avatar
    JOYCEJAMES Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 3, 2006, 04:55 PM
    Deeds
    I Have A Friend That Purchased A Home In June And The Deed States That It Is A Bargin Sale Deed. I Would Like To Get More Information Concerning That And I Would Like To Know If That Was A Good Move For Her To Do.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
    Expert
    		  
    #2

    Sep 3, 2006, 05:03 PM
    A bargain and sale deed is a type of deed where the seller is saying that they are transferring their ownership to the buyer. The type of deed used most often in NJ is a bargain and sale deed with covenants against grantor's acts, which means that the seller is transferring their ownership to the buyer and they swear that they didn't do anything to mess up the quality of the title.

    You can go to http://en.wikipedia.org/wiki/Deed to read more about the different types of deeds.

    As long as your friend had a title search performed and obtained a title insurance policy as part of the purchase then the deed is fine.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Sep 3, 2006, 05:58 PM
    A Bargain and sale deed contains no real warranties against encumbrances, it only implies that the grantor holds title and possession of the property. Because the warranty is not specifically stated the grantee has oittle legal recourse if defects later appear in the title. In some areas a covenant against encumbrances initiated by the grantor may be added to to deed. It gives more protection than a quck claim deed, but less than a warranty deed

    So basically it says that the person who sold the property had the legal right to sell it, but they will not warrant that there are no other liens against the property.

    So as long as they did a good title search and bought title insurance they should not have anything to worry about
    ikaplan's Avatar
    ikaplan Posts: 1, Reputation: 1
    New Member
    		  
    #4

    Jul 8, 2008, 09:17 AM
    The questioner asks about a "bargain sale" the other answers address a "bargain and sale deed." In fact, a bargain sale is a sale of real property for less than market value to a non-profit organization with the difference amounting to a gift with the potential for a charitable deduction.
    MAVERIC's Avatar
    MAVERIC Posts: 1, Reputation: 1
    New Member
    		  
    #5

    Dec 7, 2009, 01:26 PM
    Under a bargain and sale deed does the person getting a home have to pay an inheritance tax upon the death of the seller
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Real estate deeds [ 2 Answers ]

Is there any law that prevents someone (attorney or title search company, etc.) from omitting a restrictive covenant on a real estate deed(warranty) by subsequent buyers? The restriction reads: It is agreed between the parties hereto that the above property shall not be used for any commercial...

Warranty deeds [ 2 Answers ]

An original warranty deed for property has a restrictive covenant in it which reads: " It is agreed between the parties hereto that the above property shall not be used for any commerical purposes whatsoever and is limited to residential use only by the parties of the second part, their heirs or...

Transferring deeds [ 3 Answers ]

After we got married my ex husband bought a house just in his name, now such property was declared a community property,we have to go back to court for the final resolution in November. So far, he has taken private loans and there is little equity left; how can I force him to put my name in the...

Title deeds [ 2 Answers ]

I have been informed by my conveyancer that title deeds are now obsolete, as of approx 2000. Is this correct? We have been misled by the same firm about another matter abd I an now reluctant to take their word for this.

About warranty Deeds [ 1 Answers ]

My husband and I are divorcing. He owns 40 acers and is spliting it with me as part of the divorce. I was told all we need is a warranty deed. But to be very careful as to how it is written. So I was hoping to get help as to what to look for when he gives me this deed?

View more questions Search