whats the difference between bargain and sale deed? (under document type)

Asked by Dawn, Hopatcong, NJ Wed Mar 2, 2011

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Suzanne MacD…, Agent, Succasunna, NJ
Wed Mar 2, 2011
Bargain and Sale CVG (Covenant veruss Guarantors) is the type of deed that is used to convey property here in New Jersey. I am not sure what prompted your question, but I will be happy if you have any questions. I am very, very local. I live in Mount Arlington and my office is in Mountain Lakes, NJ. You can email me at suzanne@exitrealtygold.com or call me on my cell phone 201-602-4458.
1 vote
Real Estate Agent Suzanne MacDowell authoritatively and generously explained the term, "Bargain and Sale CVG Deed," assuring me it is standard language in RE sales in NJ. I highly recommend Suzanne as an accessible and knowledgeable Realtor. Signed, Kathy from PA, 08-12-2015
Flag Wed Aug 12, 2015
Phil Rotondo, Agent, Melbourne, FL
Wed Mar 2, 2011
A deed that contains only the name of the seller,the name of the buyer,a recital of consideration,a description of the property,and words of conveyance is a bargain and sale deed.In it,the seller makes no warranties regarding good title or any other matters,but simply sells to the purchaser whatever interest the seller might have had. Typically used in two situations: (1) When the seller obtained the property by law and is not in a position to make warranties because of lack of knowledge and lack of prior control.This would include deeds by administrators of estates, deeds from the IRS after a tax sale,or deeds from a lender after a foreclosure.(2) The second frequent instance is when someone is asked to sign a deed in order to clear up title defects that might or might not have given the seller some rights in the property.The seller is willing to give up any rights he or she might have but is not willing to issue any warranties that he or she owned anything at all.
Web Reference:  http://www.321property.com
1 vote
Is a bargain and sale deed, the same as a bargain and sale with covenants deed? Please give me a yes or no answer. Thank you.
Flag Thu Aug 7, 2014
Eric Suh, Agent, Palisades Park, NJ
Mon Jul 22, 2013
A bargain and sale CVG means covenants versus grantors and is the same as bargain and sale CAG, they are also known as special warranty or limited warranty deeds in that the seller promises that they have done nothing to encumber the deed for as long as they have owned the property but not extending back to all future owners.
To warranty the deed further back than the current owner a buyer would get a title search done and secure a title insurance policy.
0 votes
Mack McCoy, Agent, Seattle, WA
Wed Mar 2, 2011
Phil Rotondo, MVP!

Of course, a warranty deed isn't worth anything without something behind it, which is where title insurance comes in.
0 votes
jo, , Hollywood Hills, Los Angeles, CA
Wed Mar 2, 2011
Phil just gave an awsome answer...Glad to see so many of us here care about our clients and the information we give them...
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