A contract of sale when selling an asset is an important document that helps to protect both the seller and the buyer in case of any disagreements that may require legal actions. Selling your asset privately is the most convenient way of making the most out of the sale.
The contract of sale is imperative when selling a house. Even though most of your clients may be trustworthy people, it is always good to have a signed binding document as proof of the agreement. Here is some of the information that should be included in the contract.
The contract should always include full names and address of the buyer and the seller. Contact information such as mobile number should also be included. This is important because a need may arise after the two parties have parted ways. Mobile number will be the first point of contact.
Details of the asset
The asset details entail the make, color, model, registration number among others. This information is used to ensure that the agreed asset is the one that the seller gets. In case the seller is accused of misrepresentation, this information can be used to clarify the matter.
This should always be made very clear in the contract to avoid disagreements. The buying price, mode of payment, and date of payment should be clearly indicated.
The payment may be through cash, cheque or money order. The information should also include any down payments or hold deposit made.
The responsibilities of the seller
This is a critical section of a contract in which the seller agrees to give the buyer any documentation that is related to the sale. This may include but not limited to the manufacturer warranty information, maintenance records, emission certificate, registration certificate and odometer disclosure statement.
The seller can also include a verification statement where the buyer confirms receipt of the documents.
Always ensure to include a disclaimer that the car is being sold in its current state, and the seller is not offering any guarantees. This makes the buyer responsible for any other costs that may be incurred after the deal is closed.
A contract of sale when selling a car must have the names of the parties involved. Some states recommend that a witness signature is included.
This is a binding document that protects the parties involved in the transaction from any future problems.…