Bill of Sale Amount Wrong

steph983June 6, 2011

I have two questions regarding selling my house. One is that my attorney is having me sign a Bill of Sale, but I didn't think these were used for houses. The second is that the amount on it is $10. I feel a little uncomfortable signing something that says I am selling my house for $10. Is this standard?

Thank you for reporting this comment. Undo
brickeyee

It sounds more like a deed of conveyance.

For the deed to be valid it must contain consideration, and a nominal amount has been common for a long time.

Words to the effect that the money has also been received are also common.

    Bookmark   June 6, 2011 at 10:13AM
Thank you for reporting this comment. Undo
steph983

Thanks. There is a warranty deed which also has $10 on it, but there's also a bill of sale (it says bill of sale right on it).

    Bookmark   June 6, 2011 at 11:36AM
Thank you for reporting this comment. Undo
brickeyee

No idea what that is for.

Ask you attorney.

    Bookmark   June 6, 2011 at 2:29PM
Thank you for reporting this comment. Undo
berniek

Bill of sale is for personal property such as refrigerator, washer, dryer and drapes etc.
Warranty deed is for the real estate.

    Bookmark   June 6, 2011 at 3:19PM
Thank you for reporting this comment. Undo
berniek

p.s. The $10 is for "consideration" only.

    Bookmark   June 6, 2011 at 3:31PM
Thank you for reporting this comment. Undo
steph983

Thanks. That's what I thought about the bill of sale, that it would not be for the house. We're not selling any personal property.

I'll ask my attorney why we need it. Since this came from my attorney, I probably should trust it, but I think it's always better to try to check things out myself, because you just never know. For example ...

The last time I was looking to buy a house, I was concerned about a room that had been added without a permit. I asked my RE attorney about it, and he said since it had been done so long ago, it would have been grandfathered in after "five or six" years. I did some research on the internet and learned that that was WRONG - it's never grandfathered in. I didn't buy the house and I hired a new attorney. My RE agent (a buyer's agent) was trying to gloss it over, too.

Sorry, just a little rant I couldn't hold back.

    Bookmark   June 6, 2011 at 3:36PM
Thank you for reporting this comment. Undo
brickeyee

Sounds like a sort of dumb way to ensure that anything you might have left behind is clearly now the new owner's property.

It also sounds like a complete waste of time.

    Bookmark   June 6, 2011 at 4:42PM
Thank you for reporting this comment. Undo
steph983

I'm getting it now. There's an "if any" in there, which means if there's any other property (in the non real estate sense) being sold in the contract. Nothing else is explicitly being sold, but it must be a standard form this lawyer uses. The word "property" made me think of THE property being sold.

Thanks Brickeyee and Berniek for helping me understand. I feel so much better understanding what I am signing.

    Bookmark   June 6, 2011 at 9:52PM
Sign Up to comment
More Discussions
Pond Dye Dumped Into My Pond and Stream... Water Rights Question
I never posted once in seven years, and now I post...
ncrealestateguy
How do you value a pole barn?
Does anyone have a good rule of thumb for appraising...
weedyacres
After months of preparation, house is now listed
This is such a big deal for us, we have been planning...
hollynla
Would you buy a home near fire station??
We're considering an offer on a single-family home...
1232
Move or not?
Went to an open house the other day. The house was...
zeitgast
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™