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A bargain and sale deed indicates that only the seller of a property holds the title and has the right to transfer ownership. This type of deed offers no guarantees for the buyer against liens or other claims to the property, so the buyer could be responsible for these issues if they turn up.
What are the disadvantages of a bargain and sale deed?
While the bargain and sale deed asserts that the grantor holds the title, it does not cover any liens, encumbrances, or claims from previous owners. This limitation necessitates that buyers perform thorough due diligence, such as a detailed title search, before proceeding with the purchase.
What is the difference between a deed and a grant deed?
Both types of legal documents serve the same function of transferring ownership of real property. The fundamental difference between quitclaim deeds and grant deeds is the level of protection and warranty provided to the grantee.
What is a grant bargain sale deed?
Bargain and sale deeds In its most basic form, a bargain and sale deed includes a warranty that the grantor has title to the property but does not guarantee that the property is free of claims. This is known as a bargain and sale deed without covenants.
What is a grant bargain sale?
A bargain and sale deed includes a warranty stating that the grantor has title to the property. In other words, they are the proper owner and have the right to sell it. There are no other owners who may have claim to the property. However, the deed does not and cannot guarantee that the property is free of claims.
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The bargain and sale deed does mean that the grantor claims to have title to the property. This type of deed has often been supplanted by the quit claim deed in
Illinois General Assembly - Illinois Compiled Statutes
(a) In all deeds whereby any estate of inheritance in fee simple shall hereafter be limited to the grantee and his heirs, or other legal representatives, the
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