What is a bargain and sale agreement? It is a written document drawn up by a seller or landowner whereby one party (seller) transfers ownership of real estate to another party (landowner) without any existing conditions. Such real estate dealings are known as “vacation property”. One famous example of a bargain and sale agreement is the famous “agles’ trail”: the deed containing a condition stating that the property can be used for a specified purpose only if the owner can demonstrate proof that birds can be found within a specific distance of the property line. In such an agreement, the seller has to pay a fee known as “deed fees” to ensure that his or her interests are protected from adverse possession.
Bargain and Sale deeds play an important role in the real estate market: The term “bargain” means a bargain on a price; while, Sale Deed signifies the legal title to real estate. The phrase “sale deed” refers to a contract under which the transfer of land or other real estate is effected. This transaction is often accompanied by the transfer of a lot or tract of land to one party and an equivalent quantity of money to another party. A lot or tract of land is generally defined as one of numerous parcels that are collectively defined in a parcel of real estate.
What is a bargain in legal terms is something: that a party will enter into with another party at an earlier stage than its consummation. A bargain therefore implies an agreement or arrangement where the two parties reach an agreement concerning the property to be sold. On the other hand, what is a sale deed is a legal document drawn up by the seller indicating the legal title to the property to be sold. Under this agreement, the seller gives the title to the seller, and the seller is liable to the purchaser for the purchase price of the property. A bargain sale is not a legal document but a mere verbal agreement.
While a bargain is a preferable choice for most people: when they want to sell their real estate property, there are some major problems associated with them. Firstly, it is quite difficult to ascertain whether or not a bargain is indeed a bargain. If the seller is careless and not careful enough, he or she could be in violation of laws against fraud and misrepresentation. Fraud and misrepresentation are serious offenses under the law. The penalties for these offenses increase with sophistication and duration of time that the sellers have committed the crime.
Another major problem associated with bargain sales: is the possibility of the seller engaging in fraudulent conduct. It is important to determine whether or not the property is being marketed as being so. For instance, if the seller is trying to raise the asking price for the property, without disclosing facts, then this is considered to be a misrepresentation. In legal terms, misrepresentation is defined as doing something, even if it is false, just to raise the value of the property that you are selling. This can be an illegal act, and it may ultimately lead to the eviction of the seller from the property.
Whether or not you need to know what is a bargain and sale deed: is really a personal decision that only you can make. You should understand the market value of your property and how much money you are willing to pay for it. However, before you enter into any agreements regarding the property, you should make sure that you are fully aware of all of the laws regarding these sales.
The more you know, the less likely you are to get cheated out of your hard earned money.
