This Bill of Sale Form you’re perusing is a legal tool used when transferring ownership of goods from one party, known as the seller, to another, referred to as the buyer.
Imagine it as a ‘receipt’ in a legal sense, spelling out what’s being sold, for how much, and under what conditions.
This document serves to protect both parties, ensuring a clear record of the transaction and thus avoiding future disputes that can make the serene waters of agreement tumultuous.
This is the date when the power of attorney becomes effective. It’s important because it sets the timeline for when the agent can start acting on your behalf.
For example, you might write “June 25, 2023” here.
This is you, the person granting the power of attorney. Your full legal name and address are needed to identify you in the document.
For instance, “John Doe, 123 Main St, Los Angeles, CA”.
This is the person you’re appointing to act on your behalf. Their full legal name and address are needed to identify them in the document.
For example, “Jane Smith, 456 Elm St, San Francisco, CA”.
This is your backup agent, someone who can step in if your first choice can’t or won’t serve. It’s a good idea to have a backup, just in case.
For example, “Robert Johnson, 789 Pine St, San Diego, CA”.
Here you specify the property or properties this power of attorney applies to. It’s important because it defines the scope of the agent’s authority.
For example, “Single Property, 321 Oak St, Sacramento, CA”.
In this section, you’re specifying the exact powers you’re granting to your agent. These powers can include:
Selling: This allows your agent to sell your property on your behalf. They can accept closing proceeds for deposit into your account, which you must have previously disclosed to your agent.
For example, if you’re moving abroad and need someone to handle the sale of your home, you might grant this power.
Purchasing: This empowers your agent to finalize all documents necessary to complete the financing and purchase of a property.
For instance, if you’re buying a property but can’t be present for the closing, you might grant this power.
Management: This gives your agent the authority to manage your property. This can include making repairs (with reimbursement), approving subcontractors for work, evicting tenants, and any other representation needed on a day-to-day basis. If you own rental property but don’t have the time or ability to manage it, you might grant this power.
Financing: This allows your agent to modify, execute, and deliver all documents necessary to complete the financing of a property.
It also allows them to withdraw and disburse funds necessary from your account, which you must have previously disclosed to your agent.
If you’re refinancing a property but can’t handle the paperwork, you might grant this power.
The term of the power of attorney should be defined in this section. There are three main options for setting the term:
First, you can set an end date, which is a specific expiration date for the power of attorney. For example, if you know you will be out of the country for 6 months, you may want to set the end date for 6 months from now.
Second, you can define the term to end upon the principal’s incapacitation. This means the power of attorney will be revoked when the principal can no longer make their own decisions. This creates a non-durable power of attorney.
Third, you can set the term to end upon the principal’s death or revocation. This means the agent’s authority will be revoked when the principal dies or decides to revoke the power of attorney. Selecting this option keeps the power of attorney valid until one of those two events occurs.
This section determines whether the power of attorney is durable or non-durable:
NOT be Valid: This means the power of attorney is non-durable and will be revoked immediately upon your incapacitation.
Remain Valid: This means the power of attorney is durable and will not be revoked upon your incapacitation.
This is how you’ll validate the document, either by notarizing it or having it witnessed. It’s important because it makes the power of attorney legally binding.
For example, you might choose “Notary Public”.
Finally, you’ll sign and date the document. This is your formal agreement to everything stated in the power of attorney.
You fill in the corresponding checkboxes and initial next to the options you’ve chosen.
Then, you sign where it says “Principal’s Signature,” print your name, and date it. Remember, the ‘Principal’ is you – the person granting the power!
For example, you’d write “John Doe” and the current date.
If you’ve chosen to involve a Notary Public, you’ll need to fill out this section. The Notary completes this part, confirming that indeed the person named in the document and that you’ve signed it in their presence of your own free will.
The Notary will also include their name, sign, and state when their commission expires.
Example: The Notary, Jessica, verifies John Doe’s identity, watches him sign, and completes the Notary Acknowledgment section.
This section is filled by the witness(es). They confirm that they saw you sign the document willingly, and they do so in your presence.
The witnesses also confirm that you’re at least 18 years old and of sound mind, not signing under any pressure or undue influence.
Each witness will sign, print their name, provide their mailing address, and phone number. It’s like each witness leaving a unique thumbprint on your document.
Example: Alex and Monica, acting as John Doe’s witnesses, observe him sign the document willingly, then sign themselves and provide their information.
By outlining clear terms of sale and being signed by all relevant parties, this document offers protection and assurance to both the buyer and seller.
So, whether you’re transferring a small personal item or a large piece of property, keep this tool at hand!