This free bill of sale form is specifically compiled to make provision for a holding deposit.
If the sale does not go through, the seller may feel entitled to keep the deposit - for example to offset against having to advertise the goods again.
The buyer may feel he/she has a legitimate reason to withdraw from the sale and it may be because they are no longer able to afford the item. They will then feel even more aggrieved if the deposit is not returned.
It is therefore important for the seller and buyer to discuss and agree on the terms relating to the holding deposit.
Note: Once payment has been received in full, you can complete the standard Bill of Sale template.
Please refer to this main Bill of Sale page for additional legal guidelines and links to many more free contract templates to formalize your sale.
1. THE PARTIES TO THIS AGREEMENT ARE:
1.1 THE SELLER:
Identity /Social Security or Other number (Specify):
1.2 THE BUYER:
Identity / Social Security or Other number (Specify):
2. DESCRIPTION OF THE GOODS BEING SOLD:
3. The Seller guarantees that he/she is the true and lawful owner of the above described Goods and that it is free of all encumbrances, liens and any and all legal claims.
4. The Seller warrants that no person shall have legal claim against the Buyer for the removal of the Goods hereby sold and the Seller warrants to indemnify and hold harmless the Buyer from any and all adverse claims arising from the sale of the Goods.
5. The Seller or his/her agent gives no warranty or guarantee other than those specified in 3. and 4. above.
6. The Buyer admits having inspected the Goods to his/her satisfaction and that no guarantees or warranties were expressed or implied by the Seller or his/her agent regarding the condition, quality or fitness for any purpose of the Goods.
7. The Goods are sold As-Is and the Seller shall not be liable for any defects, patent, latent or otherwise.
8. The risk passes to the Buyer once the Buyer or his/her agent takes possession of the Goods.
9. The Purchase Price is the sum of ________(________________________________________)
10. HOLDING DEPOSIT:
10.1 The Seller acknowledges that a holding deposit in the sum of _____________ was received on _____________20____.
10.2 The Buyer agrees that the balance of the Purchase Price in the sum of ________________ must be paid by ______________20____.
10.3 The Parties agree that the Holding Deposit is non-refundable. They further agree that should the balance of the Purchase Price not be paid by the date as in 10.2 above, the Buyer will have no further claims to the Goods described in 2. and the Seller is relieved of all obligations in respect of this agreement.
Signed at this location ____________________on this _______day of _________________________20____.
Should you need any information on how to download, edit or print this free bill of sale or any of our other free legal documents,
please refer to our
Legal Forms Online help page.
Recommend us on Google: