Bargain and sale deed

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.

Which related terms should you know?

These are the terms that come up alongside bargain and sale deed in the same file.

Deed

The instrument that conveys real property. Signature, acknowledgment and delivery make it effective between the parties, while recording is what protects it against later purchasers.

Quitclaim deed

A deed conveying the grantor's interest without warranties. It proves nothing about what the grantor owned, so it is used where the parties already know the answer.

Title insurance

Insurance against loss from title defects that existed before the policy date. New York premiums come from a filed rate schedule, so the figure is calculated rather than negotiated.

Recording

Filing an instrument with the register or county clerk so it becomes part of the public record. Recording establishes priority against later purchasers and lenders.

Marketable title

Title a reasonable buyer would accept, free of defects that would expose that buyer to litigation. Most New York contracts require the seller to convey it at closing.

What else should you read before closing?