Closings glossary
Bargain and sale deed
The deed form used in most New York transfers. It passes the seller's interest with limited or no warranty of title, commonly with a covenant against grantor's acts.
What is a bargain and sale deed?
Quick Answer
The full definition
The deed form used in most New York transfers. It passes the seller's interest with limited or no warranty of title, commonly with a covenant against grantor's acts.
Also called: B and S deed, Bargain and sale deed with covenant against grantor's acts.
Where does bargain and sale deed come up in a New York City closing?
A Brooklyn house closes on a bargain and sale deed with covenant against grantor's acts, so a 1970s lien in the chain becomes a title insurance question.
What else should you read before closing?
In the glossary
- DeedThe instrument that conveys real property. Signature, acknowledgment and delivery make it effective between the parties, while recording is what pr...
- Quitclaim deedA deed conveying the grantor's interest without warranties. It proves nothing about what the grantor owned, so it is used where the parties already...
- Title insuranceInsurance against loss from title defects that existed before the policy date. New York premiums come from a filed rate schedule, so the figure is ...
- RecordingFiling an instrument with the register or county clerk so it becomes part of the public record. Recording establishes priority against later purcha...
- Marketable titleTitle a reasonable buyer would accept, free of defects that would expose that buyer to litigation. Most New York contracts require the seller to co...
Questions this raises
- What documents do I sign at closing?Note, mortgage, title affidavit, settlement statement and transfer tax returns for buyers; deed and releases for sellers. What each document actual...
- What is title insurance?Title insurance covers defects in a property's past: old liens, recording errors, forged deeds, undisclosed heirs. How the coverage works in New York.
The statute itself
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