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The In’s and Outs of Contracts

Posted on February 3, 2021 in Firm News

As promised, we will be talking about our first type of contract, The Bill of Sale. The Bill of Sale is created to protect the buyer and seller when “goods” (goods can be anything of value) are being sold. This allows the buyer and seller to complete a transaction with comfort and relief. There are many ways to draft a Bill of Sale. Often the seller prepares the contract.
A seller can easily prepare a Bill of Sale. The list below are items that should be included in a Bill of Sale.

1)Date
2)Name and address of seller and buyer
3)Description of the “good”
4)Amount of the “good” being transferred.
5)If any, warranties on the “good”
6)State that there are no claims on the “good.”
7)Signatures of the seller, buyer.

Most Bill of Sales are prepared regarding large items such as, vehicles, homes, animals and so on. That does not mean that you cannot have a Bill of Sale for transferring clothes or any good that you want documented.
When writing a Bill of Sale for a larger priced item make sure you include specific information, such as:
-For a vehicle: Vehicle type, Make, Model, year, odometer reading, Vehicle identification number, Vehicle registration number and so forth.
-For an animal: Breed, age of animal, birth date of animal, health problems, and so forth.
-Real estate: House structure, number of rooms, square feet of property, any past problems with the house, address of property and so forth.
You will also want to consider adding “as is” on the Bill of Sale. This helps the buyer know they are buying the” good” as it is when they buy the “good.” In other words, the buyer knows of the problems with the “good” and is still willing to go forward with the purchase.

For any further questions about a Bill of Sale or another contract please feel free to contact us here at Ken Ashworth and Associates we are here to help with any of your legal needs. Look out for our next blog where we will be discussing Employment Agreement contracts