The Importance of Bill Of Sale

Like to buy or sell your property for a huge value? If so, you need a bill of sale document to legally bind your agreement of buying or selling your property. A legal form which legalizes the money transaction, formalizes the legal transfer of property. It is in lieu of the money received and payed against the sale of property/holdings.

Generally, a bill of sale is signed by both the seller and the buyer as it signifies their agreement with the contents of the document. The amount can be paid in the form of cash, personal check, promissory note, or credit/debit card transaction. To formally and legally make a bill of sale acceptable, it must be designed keeping in mind the requirements of what makes the form complete. Details like the name of the buyer and seller, date, time, place, amount agreed upon for sale, tax levied for the same and under what Tax regulations. Any other transaction details which may affect the sale should also be mentioned.

When done with all these formalities, both the buyer and seller will receive a copy of bill of sale legal form for their own records. Bill of sale legal form not only safeguards the seller, but also the buyer. The legalities and agreements mentioned in this should be agreed upon by both parties, this ensures that any infringement by either, the bill of sale is a document which can be used as evidence. Any breach on agreement criteria mentioned in the sale, is considered as a legal offence. Apart from this, a bill of sale protects the seller from improper seizure of properties.
An ideal bill of sale form should contain the legal names, address, and contact numbers of both the buyer and seller. The bill of sale has to be as detailed. Description of property its location, size (sq ft), floor, no of windows, balconies, doors, other amenities if any, like lights, fans, switches. Description should also slate the type of holding, no of bedrooms, bathrooms, type of toilet etc. If there are other items of value that are part of the sale, their description also must be included. Mention whether the transaction is done on mortgage or permanent transfer of authority. All the terms and conditions related to acquisition of property should be included in the form.

Generally, there are two business forms for bill of sale. The first one is the absolute bill of sale and the other is the conditional bill of sale. Once the terms and agreements of the conditional bill of sale are conferred, then an absolute bill of sale is formed and fixed. This receipt of transfer has to be acknowledged from all parties. On the other hand, conditional bill of sale allows the buyer to enjoy a limited authority of property being sold. In this type of transaction, the seller is given a chance to acquire the property back, once all terms and conditions are fulfilled.

Any holding, whether property assets, vehicles or paintings, objects that can be classified as valuable require that they are supported by a bill of sale document. For added security to your property, you can even have your bill of sale notarized by a public notary of your state.