Quitclaim Bill of Sale Form is a legal instrument intended to record a sale of a real property under Quitclaim or no guarantee conditions for the buyer. The buyer in such transaction accepts that he/she is buying the real property as is. Further, the seller transfers the rights of ownership to the new buyer under the existing status of the real property in terms of title or status. Hence, the buyer withdraws the right to claim warranty towards any damage or title covenant.
A Quitclaim Bill of Sale Form must comprise of
- Date of sale
- Amount of sale
- Seller’s information
- Buyer’s information
- Property description
- Seller’s signature
- Signature of a witness acknowledging seller’s signature on the form
The Quitclaim Bill of Sale Form records a simple transfer of the ownership of the property without any liability of the seller to provide warranty. However, this document proves the buyer’s right of the ownership and serves as a receipt for payment to the seller as well. The seller of the real property declares zero obligations to the buyer with this Quitclaim Bill of Sale Form. However, the buyer can ascertain the fact that a physical transaction has occurred and he/she is the rightful owner of a real property. Typically, this type of form is often used for sale or gift of property within immediate family members due to the term Quitclaim and the meaning it holds. In addition, this Quitclaim Bill of Sale Form is suitable during Tax Deed Sale transactions like public auctions of real property.
7 Steps to Prepare Quitclaim Bill of Sale Form
- Step 1: Enter amount of sale in words and figure.
- Step 2: Enter Seller’s name.
- Step 3: Enter buyer’s name.
- Step 4: Enter property description in detail.
- Step 5: Enter date of sale in required format.
- Step 6: Space for seller’s signature. The seller must sign before a neutral witness.
- Step 7: Space for signature of the witness to acknowledge seller’s signature on the form.
Summary
Quitclaim Bill of Sale Form is a legal instrument intended to record a sale of real property without the seller’s liability towards the buyer. Such form is suitable for use in Tax Deed Sale or sale / gift of real property within immediate family members. The buyer accepting duly signed and executed Quitclaim Bill of Sale Form must realize that he / she frees the seller from any / all claims towards the real property and / or its title. In addition, this form is also very suitable for use during mutual sale transaction between a buyer and seller where the buyer does not require any warranty on the real property, its title, or the sale transaction.
