In New York, what is the primary characteristic of a bargain and sale deed?
Correct Answer
B) It implies the grantor has title but includes no express warranties against encumbrances
A bargain and sale deed in New York implies that the grantor has title to the property (unlike a quitclaim deed), but it does not include express warranties against encumbrances or other title defects. It provides more protection than a quitclaim but less than a warranty deed.
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Related Topics & Key Terms
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Related Concepts
Recording is the act of placing a document in the public records at the county recorder's office to give constructive notice to the world of an interest in real property. Recording protects the holder's interest against subsequent claims.
A special warranty deed guarantees that the grantor has not caused any title defects during their period of ownership, but does not warrant against defects that existed before the grantor acquired the property.
Title insurance is a policy that protects the insured party against financial loss from defects in title that were not discovered during the title search. Unlike other insurance, it covers past events rather than future risks.
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- → David's condominium unit in Albany suffers water damage from a burst pipe in the common area. Under typical New York condominium arrangements, who is responsible for repairs to David's unit interior?
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Previous Question
Michael owns property in Rochester and wants to transfer it to his daughter Jennifer while retaining the right to live on the property for the rest of his life. Under New York law, what type of deed arrangement should Michael use?
Next Question
Robert purchased property in Syracuse using a bargain and sale deed with covenant against grantor's acts. Two years later, Robert discovers that there is an outstanding mortgage from 15 years ago that was never properly discharged, predating the previous owner's acquisition of the property. Under New York law, what recourse does Robert have against his grantor?