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NY 005 Bargain and Sale Deed with Covenant Against Grantors Acts Individual or Corporation Single Sheet NYBTU 8002 Form
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People also ask
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What is another name for a warranty deed?
Most current deeds fall into one of four categories: 1) General Warranty, 2) Special Warranty, 3) Quit Claim deed, and 4) Bargain and Sale deed. General Warranty Deed — The General Warranty deed is often referred to simply as a warranty deed.
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What is another name for a bargain and sale deed?
Bargain and sale deeds are most often used when property is transferred pursuant to a foreclosure, tax sale, or settlement of the estate of a deceased person. They may also be used in the same situations as a quitclaim deed, although they give the grantee a little more protection.
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What is a bargain and sale deed in Colorado?
A Bargain and Sale Deed is a legal document used to transfer property ownership from a seller to a buyer. It is commonly used to transfer residential property in Colorado (CO), New York (NY), Vermont (VT), Washington (WA), and Wyoming (WY).
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Is warranty deed the same as bargain and sale deed in NY?
Generally, a grantor would prefer to use a bargain and sale deed because it limits their liability. In contrast, a grantee would prefer a general warranty deed because it gives them the most protection possible.
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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.
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What is a bargain and sale deed with covenant against grantor's acts in NY?
In New York, a bargain and sale deed with covenant against grantor's acts provides the grantee with a covenant that the grantor has not committed any act that would encumber title to the real property being conveyed and the covenant under Section 13 of the New York Lien Law.
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What is the weakest type of deed?
Quitclaim Deed There are no covenants or warranties by the grantor and this deed offers the lowest amount of protection to the grantee. This type of deed is also frequently used in transfers between family members and related transactions.
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What is a warranty deed in NY?
With a warranty deed, the current owner makes certain promises about the property's condition and title. For example, the current owner may promise that there are no outstanding liens or mortgages on the property and that the property is free and clear of any encumbrances.
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