Real estate is a term used to describe the property or land that will either be sold, or rented to another person as a means of gaining profit. This is a common type of business, especially in cities and countries that have high areas of uninhabited land but with a high population density. In most cases where a piece of real estate is being sold, there are two choices on how to process the transaction, either by using a real estate contract or a real estate bill of sales.
Now, using a contract is the most common tool when selling real estate, but there are tendencies where the person prefers writing a bill of sale over a contract simply because it is easier and more flexible than using a contract.
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What is a Real Estate Bill of Sale?
A real estate bill of sale is a type of bill of sale that is used for the completion of the transaction involving the selling or purchasing of real estate. The bill of sale used for this kind of transaction is typically tweaked or modified in a way that the bill of sale will behave similarly to that of a contract, but with the added benefit of being as flexible as an official receipt in terms of legal actions. A bill of sale is never limited to just land, it can be used as a means of selling a piece of property as well. For example, you can use it to buy or sell a vehicle by using a DMV bill of sale form.
Why Would I Need a Bill of Sale to Sell Property?
A bill of sale is a more effective tool in terms of preventing fraudulent transactions and ensuring that the transaction taking place is fair, and that both parties have no issues with the transaction.
Another benefit of using a bill of sale when selling property is that it would be allowed to act as the receipt of the transaction. This would contain the exact quantity of real estate and property the buyer would gain from the transaction, as well as the amount gained by the seller from the transaction. In most general bill of sale forms for the sale of property, it would typically require that there be written in it the exact dimensions and description of the property being sold to avoid any problems.
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How to Write a Real Estate Bill of Sale
Writing a bill of sale for real estate is a simple task, you will just need to:
- Identify the buyer and seller.
- Indicate the exact amount of and being sold.
- Indicate if the property on the land is also being sold or not. Say a trailer is left on the property if it is to be sold a separate bill of sale must be made in format of a trailer bill of sale form.
- Identify what types of rights aside from ownership rights are being given.
- Both parties sign the real estate bill of sale and receive copies of it.
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