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
Mortgage market in which original loans are made by lenders. The market is made up with lenders who supply funds directly to borrowers and hold the mortgage until the debt is paid. Examples ...
Aerial navigation that may interfere with a property owner, such as creating undue noise. The value of land near an airport may decline in value for this reason. Further airport congestion ...
The "frost line" is a critical concept in real estate and construction, especially in regions with cold climates. But what exactly is the frost line, and why does it matter? Let’s ...
Schedule which is part of Form 1040 showing income or loss from real estate transactions including net rental income (rental revenue less rental expenses). ...
Rough, fractured parts of brick and stone that may be left over after an old structure id destroyed to make room to build a new structure. ...
Federal program in which the U.S. government subsidizes much of the rent paid by low-income people. It applies to rentals of privately owned apartments. ...
See accommodation endorser, maker, or party. ...
Commonly, a covenant refers to a legal treaty or agreement between various parties. Explicitly, a stipulation comes into existence and is signed to confine particular financial transactions ...
When we discuss loans, it is essential to know that there can be many types of loans and there also are open-end loans and closed-end loans. In regards to closed-end loans, these often work ...
Have a question or comment?
We're here to help.