Bill Of Sale
Definition of "Bill of sale"
A Bill of Sale is a formal document of the sale of goods or the transfer of title for personal property and chattel from one party to another.
In sum, a bill of sale is a sort of receipt. It can be complex or simple, depending on the asset being sold or transferred and the conditions behind. A soda that you buy at a quick-mart, will warrant you that simple paper receipt detailing the seller’s information and the description of the product and its price. But when it comes to real estate, the bill of sale gets more complex.
Generally registered at the county office to make it official, the bill of sale fully describes the asset sold, localizing its lot lines and features, and basically states that the property has been paid for – showing receipts of payment and that no outstanding lien exists on it. In possession of this written bill of sale – that can be of something like 3 to 10 pages long, the buyer has a receipt for the right to sell the property at a later date.
Unfortunately, however, there are cases when the bill of sale is not enough, as an old undiscovered lien from a homeowner years before you might surface at a later date. That’s why is important, when buying a house, to have title insurance to make the legal proceedings faster and less expensive, and clear yourself of lien problems, redirecting them to the home seller.
Real Estate Agent:
Visit our Real Estate Questions page and figure out if any of your real estate doubts match the frequently asked ones!
Popular Real Estate Terms
Rental in which the lessee obtains major property rights. Although not legally a purchase of property, theoretical substance governs over legal form and requires that the leased property be ...
A developer is a person that designs or creates something that could be a concept, structure, product or service. An idea can be turned into something real, tangible and the person that ...
(1) Agreement to sell real estate with a pre-arranged reverse but at an established price. This may not be legal in some instances, and any resulting losses may not be tax deductible. (2) ...
Day the attachment of property under a judicial order becomes effective. ...
Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. These expenditures include ...
A house having stucco or brick siding mixed with some wood. The house usually is two or more stories. ...
Housing projects specifically designed to meet the community needs of the increasing number of individuals who are largely retired, having no small children. Adult communities are found ...
A detailed list of property. The goods of a business, such as houses by a builder. ...
Real property that is without any obligations, liens, or anything else against it. It is free and clear such as a house without mortgage. ...
Have a question or comment?
We're here to help.