Bulk sales affidavit is very similar to the bill of sale form and they serve the same key purpose but still there is some difference in there. A bill of sale form is used for selling and buying common items i.e. vehicles, property, merchandizes and other items but the bulk sale affidavit is strictly used for selling the business with all assets and transferring the ownership to the new buyer. This way we can say that when a company owner sells the company to another person with all the assets including equipment, machinery, furniture, building, plants, suppliers, clients and customers, they need to sign this bulk sale affidavit as the legal proof of transfer of ownership to the new owner.
Importance of the Bulk Sales Affidavit:
You can understand the importance of a bulk sale affidavit by supposing that you want to sell your car and it’s very easy to sell it to anyone who is willing to buy it and in order to transfer the ownership; you just need to sign the bill of sale form. But unlike a vehicle, a company is more complicated as there are different types of assets included in the company. This is where a bulk sale affidavit comes handy as it indicates towards the fact that the company with all its assets is sold to a new buyer and he is the new owner of the company with all legal rights.
This includes the machinery that is running in the company, office equipment, furniture, building and anything from employees to internal and external customers and suppliers. This affidavit also indicates that from the date when the ownership is transferred, the new owner will be held responsible for all deals, orders and other stuff related to the company. While talking about this affidavit, we can also discuss another important aspect which is the obligation or right of the buyer to resell the assets to another person with or without noticing the first owner.
Some Useful Tips for Writing a Bulk Sales Affidavit:
The important thing about the bulk sale affidavit is to indicate the seller and the buyer. This is why it is really crucial that while writing this affidavit, you mention the both parties very clearly in the document. You need to provide or include a detailed list of all assets that are being transferred to the new owner with the business. This way the seller and buyer can mutually agree on the assets that are being transferred with the affidavit.
Another tip for writing this affidavit is that this document is very important and has legal value so lawyers and witnesses are must to the presented during the deal is signed by seller and buyer. Witnesses are required not only to be presented at the time of deal but they are also required to sign the affidavit as legal witnesses for their testimony in legal situations. The witnesses are also required to provide their contact details so that they can be contacted in case of any dispute or legal presentation of the affidavit in the court.
Here is preview of a free fillable Bulk Sales Affidavit Form that can easily be used in any situation,
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