What Is a Sample Bill of Sale?
Buyers and sellers are always looking for ways to turn a transaction to their advantage. But, a deal might not happen if either party refuses to make a compromise. To avoid such things, sellers should show a sample bill of sale, so the buyer knows what the transaction has in store for them.
A sample bill of sale is a draft of a general bill of sale of the property that you sell. It has all the elements found in other bills of sale, such as the parties of the sale, the property for sale, and the agreement itself. A sample bill of sale allows both parties to adjust the terms and conditions and create a final bill of sale for the property.
How to Create a Sample Bill of Sale
Meeting halfway with the buyer is very important, whether you’re selling cars or houses. Part of such a process is showing what the offer has in store for the buyer, thereby assuring fair transaction. Showing them a fillable bill of sale is one way to do it. And here’s how to create one using the steps listed below.
1. Introduce the Parties of the Sale
Selling properties, whether personal or real-estate, requires an elaborate purchase agreement such as a bill of sale. And like agreements in general, it is important to introduce the parties inside them. All you need to do is put the names and addresses of each party.
2. Indicate the Agreed Price
Bills of sale won’t be complete without offering a particular property for sale. And concerning that, it is essential to indicate the price or value of the property leased or offered for sale. This allows the buyer to know how much they’ll be paying. It also allows them to negotiate other terms of payment.
3. Specify the Type of Property for Sale
As mentioned in the previous step, a real estate bill of sale is not complete without offering a particular property for sale. In addition to the value of the property, it’s also essential to specify the type of property that is provided—real or personal property. Aside from that, it’s also important to indicate its location as well.
4. Make Space for Parties to Sign on
A formal document, such as a bill of sale or a lease agreement, wouldn’t be complete without a signature block. This is where the parties of the sale signify their agreement by signing the bill of sale. It also marks the closing and finality of the deal. Always make sure to include this part when creating your sample bill of sale.
5. Don’t Forget the Notarial Acknowledgement
Depending on your State’s requirement, a bill of sale may have to be publicly acknowledged. You need to do this to protect the rights of the transacting parties, and prove that the property was legally sold. In creating your printable bill of sale, always reserve a spot for notarial acknowledgement.
Frequently Asked Questions
Why is it important to have a sample bill of sale?
Transacting with goods of immense value, such as properties are often complex. And most of the time, it involves a series of negotiations before sealing the deal. What makes a sample bill of sale is that it helps parties finalize the terms of the sale by adjusting some of its provisions. What’s more, is that it also allows for transparency and fairness in a transaction.
Can a sample bill of sale be modified according to the parties’ wishes?
Yes. A sample bill of sale serves as a draft for the parties to discuss and finalize the terms of the sale. Aside from that, it is also important that the document executes both parties’ free will. Furthermore, modifying the provisions of a sample bill of sale establishes transparency and fairness among parties.
Why is it important to indicate the type of property in a sample bill of sale?
Indicating what type of property is for sale removes uncertainty and doubt in potential buyers. Since the goal is to sell the property whether it is a townhouse, vacation home, or commercial property, buyers need to know what type of property is offered. What’s more, is indicating the type of property offered allows parties to have trust and confidence in each other.
Who uses a sample bill of sale?
People usually use bills of sale in the private sale of properties, but it can be used by those who are in the business of selling used personal property. Other than that, real estate agents use such drafts to sell pre-owned real estate. Bills of sale are essential in selling personal and real property, and a sample bill of sale can help in selling those properties quickly.
Do we need to indicate dates in a sample bill of sale?
Yes. Dates indicate when the bill of sale was created, signed, and acknowledged. More importantly, dates also indicate when the deal was closed. Indicating dates in your sample bill of sale also allows you room to adjust should you and the buyer move the sale to another date. You can do so after a series of meetings and discussions with the buyer.
Trading is one of the oldest and most important types of interaction. It is more than just an exchange of goods as it’s also a venue for minds to meet. In a complex transaction that involves goods of immense value, one way for parties to meet halfway is to start with a sample bill of sale.