Simple English definitions for legal terms
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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.
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.
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.