When buying real estate, the buyer and the seller draw up a purchase contract, purchase agreement, and deed of sale. The purchase contract is comprehensive and contains all the terms of the purchase, while the bill of sale is usually drawn up when the buyer has paid the seller the full purchase price.
A bill of sale is a legally binding document that regulates and defines the ownership of the property and is drawn up after the purchase contract. The main function of the bill of sale is to serve as a receipt for completed payment.
The bill of sale is the document usually used for the title deed application. The bill of sale contains only the minimum requirements for a deed of sale and by using the bill of sale, the seller and buyer do not have to disclose all the contractual items listed in the contract of sale in their title application.
The access date is when the buyer gains access to the property, and the risk of the property passes to the buyer.
At Advantage Law Firm, we can help you with everything from how and when the purchase price should be paid to disclaimers from the seller. Our lawyers are happy to help you prepare and review purchase contracts.
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