Bill Of Sale Legal Issues

Purchasing and/or selling personal real property (no matter whether its physical or an intellectual type) that have a large value, is not like purchasing an item of small value from a department store or local shop. When there is a need to purchase real or personal property such as a motor vehicle or a bigger purchase like a home, and for you to rightfully own it outright, it is essential that you follow certain legal protocols. In this case, it will require a legal document know as a bill of sale. It is a legally binding agreement and sale document essential in purchasing and selling both real and personal property. The bill or sale should be duly dated and signed by both parties.The bill of sale is essential in order to protect both the seller and the buyer. Today there are numerous cases of outright fraud, so it is crucial that you use a binding bill of sale agreement so that you do not become one of the many victims. Used correctly a bill of sale can transfer all rights and ownership of certain property from you to another person. In the eyes of the law, this establishes the manner of business and/or personal transfer of rights of ownership in a particular item or property. It should be conducted in a legal manner so that both parties are fully aware of the terms and conditions surrounding the sale. This should and will legally protect the seller from improper and illegal seizure of said property.The bill of sale template should include both general and specific information regarding both the buyer and seller along with a detailed description of all of the items or property being offered for sale. It is crucial that both buyer and seller has their correct name and address inserted in the bill of sale document. It is also a good idea to insert in the bill of sale all current contact phone numbers and email addresses if applicable. You should also fully describe the items and property being offered for sale. However, when more than one item is being included in the sale items which were purchased say from a department store such as equipment and various products these sub-items which form part of the Bill of Sale must be individually itemized to prevent any misunderstandings from arising and/or any after-sale confusion as to what was or was not part of the original sale. Clear and precise terms and conditions regarding the acquisition of said items and property should always be added to the bill of sale document. When the transaction includes a chattel mortgage or is set-forth as a permanent legal transfer of a persons authority then it should be clearly stated in the bill of sale. For example: When a parcel of land is sold then the transfer must legally include the name in the title, and must be registered in order for the transfer to be legal and binding.According to the law, a bill of sale is treated as a binding legal document especially in a court of law. If you are contemplating selling say personal items or property which does not belong to you and you have no legal rights too, then you can be sued to the fullest extent of the law as it is considered a serious criminal offence. And as a purchaser, you are required by law to make certain that the transaction is legal in the eyes of the law. You should always request from the seller any and all documentation that proves the seller has the complete and legal rights to dispose of the items and property being offered for sale. You should not go head-long into a legal agreement without first making an earnest effort to confirm its legitimacy.Remember that there are two types of bill of sale documents; the absolute bill of sale and the conditional bill of sale. The absolute bill of sale should be used when the transfer of all rights and ownership is complete and permanent. When this form of transaction is being used, then a receipt for payment must acknowledge. On the other hand, the conditional bill of sale only permits the buyer limited authority on the items and property being offered for sale. In this case, a seller could still have an opportunity to purchase the items and property again once all of the terms and conditions are legally met.