A quitclaim bill of sale is just like a transfer deed or common bill of sale but the difference is that with this bill of sale, there is no guaranty provided by the seller to the buyer. Also, the item or property that is being sold is sold as it is which means once the buyer buys it, the seller won’t be liable for any damage or won’t be held responsible for any kind of liability to the property. Quitclaim bill of sale is a form that you can get from local property department and by filling it; you can transfer the ownership of the property to any buyer.
Brief description of Quitclaim Bill of Sale Form:
When a person sells or buys something, they need to sign a legal document called bill of sale form. This document severs as the proof of the sell or purchase for both parties but more importantly, it allows the buyer to claim the warranty in case of any dispute or liability. This particular quitclaim bill of sale form is just like a transfer form that is signed by the buyer and seller but with this document, the seller informs the buyer that he is not giving any warranty or liability guaranty with the sold item so from the date of transfer of ownership, the new buyer will be held responsible and the first owner won’t be asked any questions in any dispute as he has transferred all the rights to the new buyer.
Key elements to include in Quitclaim Bill of Sale Form:
- Name of the seller
- Name of the buyer
- Details of the item (piece of property) being sold
- Specifics about the selling item
- Price on which the item is sold
- Payment schedule
- Proper dates
- The agreement to the term of no warranty for the property
- Signature of witnesses and both parties
- Signature of property registrar in local property department
Importance of Quitclaim Bill of Sale Form:
It is not very hard to understand that if you sell or buy something, you need to have the proof of the process. This is important because if you have sold something, with the transfer form, you won’t be held liable to any responsibility related to the property where on the other hand, if you want to claim the ownership of something that you recently bought, you need to have a bill of sale form that proves you bought it and the previous owner sold it to you with his consent. When you buy something with warranty, you also need the bill of sale form to claim warranty in case of any damage or other situation but in this particular situation, this quitclaim bill of sale form benefits the seller more. Once you sell something with the quitclaim bill of sale form, you inform the buyer that you are not providing any warranty with the selling item and you won’t take responsibility for any liability with the selling item in future.
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