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
property suitable for residential living, such as a house, duplex, apartment, mobile home, or condominium. ...
An individual's possessions at his residences, such as furniture. A listing of items and their costs is recommended to obtain proper insurance coverage and as support for insurance ...
Everyone is aware of the perplexing complexities of a real estate transaction. Enter Opendoor, a company that aims to simplify this experience. If you're a house hunter, seller, real estate ...
A written document terminating the terms of a lien through payment of all financial obligations. A lien release is given by the lienor, the one holding the lien, to the lienee, individual ...
State court where civil disagreements are decided by the judge or jury. A written record is kept of the deliberations. In some stats, civil and criminal courts are combined. ...
A cost of funds index that most adjustable rate mortgages written in California in recent years are tied to. Computed by the Federal Home Loan Bank of San Francisco, it reflects the cost ...
Yearly tax return filed by an individual or couple. It is due to the federal taxing authority on April 15 for the preceding calendar year. The taxpayer reports gross income, adjustments to ...
Surface level of water. ...
In real estate, asking price is referred to as the amount set by the seller, the amount he/she wants to receive for the purchase of their home by the buyer. The asking price isn’t ...
Have a question or comment?
We're here to help.