Chloe Norman August 31, 2021 Legal
The complexity of a bill of sale is highly dependent on the transaction type. In fact, a regular purchase receipt can be applied as sales bill, if it contains details of the items sold along with the price for each item.
This is a legal document that has a function as a medium for recording property ownership that passes from the seller to the buyer. This WB-25 form must be filled in completely by the home owner who acts as the asset seller or the private party who wishes to purchase residential, industrial, as well as commercial property.
The role of this form is as strong evidence that a transaction has taken place and is usually also used as a supporting document used by both parties for an agreement to avoid problems in the future.
The formats and information commonly included in a real estate bill of sale are as follows:
1. Identification of both parties (buyers and sellers).
2. Complete explanation of the property for sale.
3. Guarantee from the seller stating that the confirmed property is free from all kinds of matters relating to liens and confiscations.
4. The date the bill was created.
5. Mention the licensee and the firm if they were involved in compiling the document.
6. The signature of the property owner (seller) along with the factual date of signing.
Guarantees about the state of real estate are not covered in form WB-25, because only a clear and free scope of property rights is guaranteed by this form. Separate documents must be prepared if the seller wants to guarantee and the buyer wants such a guarantee.