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A Bill of Sale is a document that is created to record the transfer of ownership of a property to a new owner. A seller will use a Bill of Sale when selling their property to avoid having to go through the process of entering into legal title deeds and make multiple sales. Many owners purchase properties that they are planning on selling within a short period because they already have a deed in the county for the property.
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A basic Bill of Sale requires a standard blank type of document that has heading lines and numbered paragraphs. The document must include the date, title of the property, the owner’s name, address, and signature of the person buying the property. All of these sections can be blanked out to provide the buyer more time to decide whether they want to buy the property or not.
When creating a document, there is usually an additional information section that lists all of the payments that need to be made. Most sellers leave this blank so the buyer can add their information in this section if they so choose. This is a good option because it can allow the buyer to verify the payment of taxes and other expenses before the property is sold.
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The next section in a Bill of Sale Example Word Doc document is the statement of purpose. The statement of purpose is where the seller makes their decision on whether they are going to list the property for sale. In the Statement of Purpose, the seller lists all of the transactions they have conducted on the property including the amount of money they are paying, the reasons they have listed the property for sale, and any liens or encumbrances they may have against the property. By listing all of these events, the seller can be able to understand what kind of market they are trying to reach with the property.
The last section in a Bill of Sale Example Word Doc document is the Summary of Benefits and Disclaimers. This section provides some information that is not required by law but buyers may not want to ignore it. Information like warranty defects, lien waivers, and any other warranty defects are included in this section. It is helpful to know if there is any liability coverage with the seller if the seller has specific rules on selling properties, and any other information that is helpful to the buyer.
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There are many sections to a Bill of Sale that must be completed to transfer the legal title of the property to the buyer. The seller should always complete each section that the buyer wants to include in the document. They may also write a section for what they are paying the buyer if they have to pay money at closing. The seller should make sure that all of the information is filled out completely so that the buyer is aware of every requirement that is in the document.
If the seller has never created a Bill of Sale before, they should start with the basics. To be able to sell any property, the seller should create a Bill of Sale Example Word Doc document with all of the information they want in it. This way, the seller is prepared to market the property correctly.
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To become an experienced seller, many courses can help you learn how to prepare and sell a Bill of Sale. The more experience you have the better prepared you will be to market a property. Starting with the basics will help you become more knowledgeable and confident in selling a property.