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Simple English definitions for legal terms
bargain and sale
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A quick definition of bargain and sale:
Term: Bargain and Sale
Definition: Bargain and sale is a way of buying things like goods, services, or land. It can also refer to a written agreement for the sale of land where the buyer gives valuable consideration without having to enter the land. This creates an equitable estate in the buyer until legal title is transferred to them by delivery of a deed. In simpler terms, it's a way of buying things where the buyer agrees to pay for it without having to physically take possession of it right away.
A more thorough explanation:
Bargain and sale refers to a negotiated transaction for goods, services, or real property. In the past, it also referred to a written agreement for the sale of land where the buyer would give valuable consideration without having to enter the land and perform livery of seisin. This created an equitable estate in the buyer until legal title was transferred to them by delivery of a deed.
- Buying a car from a dealership is an example of a bargain and sale transaction.
- In the past, a bargain and sale agreement for the sale of land would be used. For instance, if a buyer wanted to purchase a piece of land, they would give valuable consideration to the seller without having to enter the land and perform livery of seisin. This created an equitable estate in the buyer until legal title was transferred to them by delivery of a deed.
The examples illustrate how a bargain and sale transaction can be used for various types of goods and services, including real property. It also shows how the historical use of a bargain and sale agreement for the sale of land worked to create an equitable estate in the buyer until legal title was transferred to them.