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
Significant elevation of land. Narrow upward strip. Connection of edges between different sloping surfaces. ...
Ownership in property by two or more persons at the same time. ...
receiving something such as a cash payment. Written statement that something has been received such as cash, real property, or documents. The purchaser should always get a receipt. An ...
Mortgage for residential property. ...
Allocating common or central costs to each unit of property. An example is assigning to each owner of an apartment based on the number of rooms occupied the cost incurred by the landlord to ...
You may have heard the term codicil in a conversation but might have yet to understand it entirely. What’s the codicil definition? “Codicil meaning” refers to a supplement ...
A fiduciary intermingling a clients funds or one who is entrusted with funds and groups them with those of his own. This practice is considered a breach of a fiduciary relationship and a ...
Local governmental ordinance breaking down the country into districts that are restricted on how private property is to be constructed and used. It applies to the land and buildings. The ...
Helps in supporting a building. ...
Have a question or comment?
We're here to help.