Important Things To Know About Bill Of Sale
Buying and/or selling properties (whether intellectual or physical) that have big value, is not as easy as buying candies in a store. If you want to buy a property, a land or a car or a house and so forth, and own it legally, you must follow a protocol. You need a bill of sale documented to legally bind your agreement in buying and/or selling a property. The bill or sale will be signed by both the seller and the buyer.
The bill of sale is necessary to protect you as a buyer or the seller. As you know, there are already many cases of fraud and you do not want to become one of the victims. The bill of sale is a legal document that will transfer the ownership of the property from the seller to the buyer. This will also signify that the manner of transfer of ownership is done in a way that is both agreed upon by both parties concerned. This will also protect the seller from improper seizure of properties.
The bill of sale will contain the basic information of the buyer and the seller and the property being sold. The buyer and seller must provide their legal names, address and contact numbers as necessary. Description of the property being sold will also be necessary. In cases where the property being sold would include more items, like buying a store, some equipment and products might be included in the sale, the sub-items included in the selling should be itemized and specified to prevent confusion and misunderstanding between the two parties. Terms and conditions of the acquisition of the property should also be included. If the transaction was done as a mortgage or as a permanent transfer of authority then it must be specified. If a piece of land was sold permanently, then the transfer of the name in the title must be necessary to make the transfer legal.
Again, a bill of sale is a legal document. If you are selling a property that is not yours in the first place, then you can be sued for a criminal offence. And as a buyer, you must also make sure that the transaction you are getting into is legal. Ask for documents that prove that the seller has the right to sell the said property. Do not just dive into an agreement without making efforts of confirming its legitimacy.
There are two forms of bill of sale; the absolute bill of sale and the conditional bill of sale. The absolute bill of sale is used when the transfer of ownership is complete and fixed. If this type of transaction is used, then the trader must acknowledge the receipt for payment. The conditional bill of sale on the other hand only allows the buyer a limited authority on the property being sold. The seller can still have a chance on acquiring the property back once the terms and conditions are satisfied.
When you are having a difficulty drafting or making a bill of sale, then you can ask help from legal advisers or lawyers and they can help you solve your problem. They can also enlighten some of your questions, if you have any, on the topic of bill of sale.
About the Author
Lam Seina is an Author living in Sydney, Australia. He is interested in reading and creating websites. His latest website is about Green Tea Metabolism http://www.greenteametabolism.net/
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