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FORM No. 961 BARGAIN AND SALE DEED STATUTORY FORM. BE STEVENS-NESS LAW PUBLISHING CO. PORTLAND OR www.
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Hi it's John Goodman again we are talking about bargain and sale deeds two topics what the heck is a bargain and sale date number one and number two when might you use one okay what the heck is a bargain and sale date a bargain and sale deed is essentially a quitclaim deed a quit claim deed that passes what lawyers call after a quieter title a quitclaim deed is a deed where the seller is saying I don't know whether I own this thing or not I'm not making any warranties of title if I do own it here it is and a quitclaim deed conveys whatever the granter has at the moment of the conveyance a bargain and sale deed is essentially it's a little of an oversimplification but a bargain and sale deed is essentially a quitclaim deed that passes what is called after a quieter title it passes the title that the granter has at the moment of the conveyance plus any title that the granter receives of the described property after the conveyance wow that's a weird notion John can you give us an example that helps make this clearer to us yes, so now we're in part two where might you use a quitclaim deed imagine the seller has entered in to a contract to sell a property to husband and wife the seller has remorse that he entered into this contract why because the seller has a backup buyer who will pay that seller 40000 more and so the seller has absolutely no reason to cooperate with these fighters whatsoever as the buyers' transaction as buyer number ones transaction is progressing the buyers learn that they're going to have problems getting a loan if the husband remains on title, so they want to amend the contract to take the husband off of title so that the seller just conveys to the wife so that the lender knows that the wife will be the only titleholder and the only borrower on the loan the seller however doesn't have any reason to cooperate with these refuses to amend the contract when it says no I signed a contract where I'm obligated convey I'm only obligated to convey title the husband and wife, and I am not changing that at closing I am going to convey title to husband and wife what can you do to get that transaction closed notwithstanding the competing demands of the sellers perspective and the buyers lenders perspective here's something way that way you can do you can say to the seller fine today's Monday we're closing on Friday you convey title to husband and wife then and without sellers cooperation at all remember we're trying to have things set up so that the buyers' lender knows that the husband won't be entitled at the time the bank closed the loans the money for the purchase so what husband does is it on Wednesday husband records a bargain and sale deed conveying title to his wife how can he do that he doesn't have title, but you can do that because of bargain and sale deed there are no warranties of title what husband is essentially saying is dear whatever title I later received to this property automatically passes to you and that way the...