Bill Of Sale With Lien Template – The bill of sale is a crucial legal document because; it not only assists in safeguarding the interests of the vendor but also that of the purchaser too. It is common and regrettably, a common occurrence by which a vendor or the purchaser comes to attempt because of deliberate fraud in a market trade.
The bill of sale template must include all the basic details such as private information, with respect to both the vendor and the purchaser. It must also clearly highlight information and details concerning the asset and/or the house in question that’s being offered for sale. Legally speaking, the purchaser and the vendor will have to provide all essential information. For instance: their title (s), street addresses and current contact numbers.
Other Vital Areas,Providing a thorough description of the house that is being offered for sale is also a vital requirement. In the event the property comprises more than say 1 item and/or an attachment such as in the event of mechanical equipment, or perhaps a group of products or items, these too should be clearly recorded in the invoice of sale. These additional items that are to form part of the sale have to be clearly itemized. By doing this will prevent any misunderstandings from arising and also eliminate any potential confusion occurring between both parties. In addition, it is a good thing to include all details and information regarding the terms and conditions directly related to the sale of their house. However, if the sale of property was transacted based on a lien or mortgage or another jurisdiction transfer, then it may be required to specify and deal with these issues too from the document.
Equally as significant, are many different issues that have to be kept shut in mind if you’re the vendor, and before you go ahead and duly date and sign the document. So, it’s essential for you to make sure that the property and/or the motor vehicle, boat, equipment, etc., are without question, legally possessed by you. Entering into a legal document and understanding that it incurs a lien and/or an outstanding mortgage (and not disclosing this information to the purchaser in the document) is illegal and carries severe penalties under law. It is also wise to have the invoice of sale seen by someone other than a friend or close relative.