What terms are included in bill of sales?
Bill of sale is a legal document which verifies the sale of a real estate. It transfers ownership of the property from seller to buyer. It also frees the seller from any liability. Besides that, it can be used to determine the tax payable by the buyer. All these things make it a quite important document. Thus, it should be created very carefully and checked twice before signing.
This agreement between seller and buyer can be created by either of the two parties. The other will then get it checked before signing. You can get it prepared by your realtor. They have the required experience and thus are capable of writing such documents. Otherwise, you can hire a lawyer for the same. This will ensure that your bill of sales is completely flawless. You can also prepare it on your own, as it is so easy to write. You will not actually have to do any writing yourself. All that is required is to find a sample of this document online. The internet is filled with these things. You should be able to easily find a template for bill of sales that will have all the terms organized in the proper format. You should still check that this template has all the following terms.
- Names of seller and buyer
- Location of the property in question
- Amount paid at the time
- Due date for rest of payment
- Total amount to be paid
- Method of payment – cash, check or transfer