Costing Proposal Template – The bill of sale is a crucial legal record because; it not only assists in protecting the interests of the seller but also the buyer as well. It’s common and sadly, a frequent occurrence by which a seller or the buyer comes to strive because of deliberate fraud in a sale transaction. This is especially so when”no bill of sale” record was used at the point of purchase.
The bill of sale template should include all of the basic details such as private information, with regards to both the seller and the buyer. It should also clearly highlight information and information regarding the asset and/or the property in question that’s being offered for sale. Legally speaking, the buyer and the seller will have to provide all essential information.
Other Vital Areas,Providing a detailed description of the property that’s being offered for sale is also a vital requirement. In the event the property comprises more than say one item and/or an attachment like in the case of mechanical equipment, or possibly a group of products or items, these too should be clearly documented in the invoice of sale. These extra items that are to form part of the sale have to be clearly itemized. By doing so will prevent any misunderstandings from arising and remove any potential confusion occurring between both parties. Additionally, it’s a fantastic thing to include all of the details and information concerning the terms and conditions directly related to the selling of their property. However, if the selling of land was transacted based on a lien or mortgage or another jurisdiction transport, then it may be necessary to specify and address these issues as well in the record.
Equally as important, are various issues that have to be kept close in your mind if you’re the seller, and before you actually go ahead and duly date and sign the record. Keep in mind that the agreement is a binding legal document. Thus, it’s essential for you to ensure that the property and/or the motor vehicle, ship, equipment, etc., are without question, legally owned by you personally. Entering into a legal record and knowing that it incurs a lien and/or an outstanding mortgage (and not revealing this information to the buyer in the record ) is illegal and carries severe penalties under legislation. It is also wise to have the invoice of sale seen by someone aside from a friend or close relative.