Must Know Facts about Bill Of Sale Form
Why is Bill Of Sale Form Important?
Bill of Sale is the most important item after the product bought. In the case of buying a property, it becomes all the more imperative to obtain the Bill of Sale.
A documented Bill of Sale is required, both by the buyer and the seller when any product is bought in exchange for money.
For the Seller, it becomes a proof of sale and income. For the buyer, it provides assurance against any cheat or fraud.
A Bill of Sale declares a lot of information. A basic Bill of Sale must have:
- Warranties offered by the Seller
- Acceptance of the product by the buyer
- Amount, Model number, Serial number or the type of product being sold
- Signature of the Seller, which is a proof of trust and a successful business transaction
- Any additional conditions laid down
When it comes to buying Real Estate or property, it becomes extremely critical to have a Real Estate Bill of Sale. A Real Estate Bill of Sale Template should mention:
- Name of both the parties,e., the buyer & the seller
- Location, address, and date of the deal
- A declaration that the property (size in unit of measurement) has been sold at an xxx
- Witnesses, preferably – two
- Signature/Seal of the Governing Body, name of the Legal consultant along with his Registration details.
There is also a provision of getting Real Estate documents notarized.
Obtaining a Bill of Sale for Real Estate is ignored a lot of times, which can lead to disputes in future.