There are a number of matters to consider when it comes to selling your home in Kansas City. When is the best time to list your property and should you hire a real estate agent to market it for you? What is a reasonable asking price and how much are you willing to negotiate?
In addition to these questions, there is also a list of paperwork that is required for all real estate sales in this part of the country. These include a copy of the original purchase agreement and any agreed changes, known as addendums, a closing statement detailing the costs associated with the sale and the party responsible for paying them, and a signed deed transferring the property over to the buyer.
What Is a Bill of Sale?
A bill of sale is often required when selling high-value property such as in the sale of motor vehicles, real estate, aircraft, and ships. This legal document will detail in writing the transfer of ownership from the seller to the buyer in exchange for payment, or consideration. Similar to a receipt, a bill of sale is evidence that the rights to the goods or property have been legally transferred to the buyer.
The document will include the contact information of the transacting parties, a description of the goods or property sold, the date of sale, and the sale price. If the seller makes any warranties or conditions attached to the sale these will also be detailed in this document. Once the transfer of property is complete, the bill of sale is signed by the buyer and the seller. This document serves as valid proof of sale and protects the buyer and the seller in the event of any disputes regarding ownership of the property. While some states will require a bill of sale to be notarized, this is not necessary for the state of Missouri.
Whether you are selling your Kansas City property through a real estate agent or as the owner, a bill of sale will be required to complete the sale. One of the fastest and easiest ways to sell your house, either for a cash offer or by having it listed on the Kansas City market, is through Faithfulhomebuyerskc.com.
Types of Bills of Sale
When undertaking a transaction involving an asset that is worth a considerable sum, it is important to make sure the bill of sale is correctly completed and the state guidelines have been followed. There are usually two main forms of bills of sale to be aware of as the seller.
- An absolute bill of sale will transfer ownership of the property from the seller to the buyer completely and without any restrictions. Under an absolute bill of sale the property will be immediately conveyed to the buyer in exchange for full payment of the property ‘sold as is’.
- A conditional bill of sale transfers ownership of the property to the buyer with certain conditions attached. Conditional bills of sale will require the buyer to have fulfilled certain requirements when purchasing the property before they can take full ownership of the property.
For example, under an agreed installment payment schedule, the buyer may have to achieve full payment of the purchase price before they gain ownership of the property. A conditional bill of sale may transfer the property to the purchaser, giving them the right to possess and use the property, however, the legal title and ownership will still remain with the seller until the performance of the conditions has been met.
A bill of sale can be absolute or conditional depending on the circumstances of the real estate transaction involved.
How to Write a Bill of Sale
If you are selling your house in Kansas City you can ask your real estate agent to provide you with a bill of sale document or you can produce your own. A bill of sale can help you in the event that there is a dispute regarding ownership of the property later down the line as it will serve as valuable evidence that you are no longer the owner. For example, a bill of sale can act as a useful financial record for tax purposes as it can prove you are no longer the owner of the property and therefore not liable for property taxes on it.
It is important that the bill of sale is correctly drafted and includes all the necessary information. To help you with the process of creating an effective and legally recognized bill of sale for your property transaction, make sure to include the following important information.
- Contact details of the contracting parties: state the full names, addresses, and contact details of the buyer and seller.
- Description of the property: include a description that clearly identifies the property being sold. In the case of a real estate transaction, this should detail the exact address of the property.
- Consideration: state the full payment price of the property being sold.
- Payment method: state the buyer’s method of payment for the property in the bill of sale, such as wire transfer or cash.
- Date of sale: clearly state the date on which the sale takes place as this is the date the bill of sale will be effective with regards to the transfer of the property.
- Warranty: as the seller you should warrant that you are the lawful owner of the described property and guarantee that you are selling it free and clear from all claims, charges and demands.
- Conditions: if there are conditions attached to the transfer of ownership a conditional bill of sale should state the conditions which need to be met before full ownership can transfer to the buyer.
- Signatures: Both the buyer and seller must sign the bill of sale. Without this requirement, the document will not be valid.
Follow the guidance in this article when selling your Kansas City home to ensure a successful sale of your property.