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
A window in a roof or ceiling of a structure from which light enters the house. ...
A rectangular area bordered on all sides by buildings. Often, a quadrangle is grassy with decorative landscaping. A quadrangle can be found in a central business district or on the site ...
Administrator of estate is a term used in common-law jurisdiction for a person assigned a particular responsibility. The administrator of estate definition describes a court-appointed ...
The term foraging comes from the old germanic language, which passed through Old French “fuerre” and “fourrage” and it means the search for wild food resources. ...
Document describing the benefits and provisions for people or businesses covered by group insurance. Document in life and health insurance issued to a member of a group insurance plan ...
Surveyor's use of hypothetical lines to portray a properties position. North to South in the meridian line while East to West is the base line. ...
Also called a title defect. Any claim, lien, or encumbrance which, if valid, may impair the owners title to the property. This cloud does not hinder transfer of ownership on the property, ...
Fee charged by a lender to a borrower for a standby commitment. ...
Property of a defaulted borrower is sold under court order, and the judge must approve the amount received. For example, Fidelity Bank has a first mortgage balance of $100,000 on Mr. X's ...
Have a question or comment?
We're here to help.