bargain and sale

1.^(Eng)Prior to the Statute of Uses 1535, an agreement by which the owner of land undertook to sell it and purchase money was paid, but at common law the legal estate did not pass because the formality of livery of seisin (handing over a twig or soil) had not been completed. "Bargain and sale is when a recompense is given by both the parties to the bargain: as if one bargain and sell his land to another for money, here the land is a recompense to him for the money, and money is a recompense to the other for the land", Termes de la Ley. After the bargain and sale is completed the bargainee (transferee) is deemed to hold, or be 'seized' of, the property for the use or benefit of the bargainor (transferor). In effect a bargain and sale was a form of secret agreement for conveying land, but enabling the vendor to retain the benefit. However, after the Statute of Enrollments 1536, an agreement to convey an estate of inheritance or freehold had to be enrolled (registered), otherwise it was of no effect. In English law, all transfers by bargain and sale were abolished in 1926. All transfers of land must now be made by deed of grant (Law of Property Act 1925, s. 51). A transfer by 'bargain and sale', to similar effect to that in English law before 1536, is still recognized in a few jurisdictions in the US, although to become effective, consideration must have been paid over (8 C.J.S., Deeds (St. Paul, MN), § 7).  See also bargain and sale deed^(US).

2.^(US)A contract for the sale of property (especially personal property) by which an executory contract is first entered into (the bargain) and then the actual 'sale' is completed. The words 'bargain and sale' are used sometimes to refer to an Termes de la Leyas when the contract was made (bargained for) and then the sale is completed or executed.

3.^(US)Words that, when used in a deed, are considered in some jurisdictions as sufficient to convey a fee simple title. Words such as 'grant, bargain and sell' or 'grant, bargain, sell, and release' have similar effect (Richardson v. Levi, 67 Tex 359, 3 S.W. 444 (1887)). Although such words continue to be used, in most jurisdictions they are no longer necessary to convey a fee simple (28 Am.Jur.2d., Estates (Rochester, NY), § 21, p. 84).  See also words of grant.

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