Buy, Sell or Rent Property

Personal property versus real estate

The law treats movable things, such as vehicles, boats, furniture and equipment, differently from land and buildings. Selling personal property is usually documented with a bill of sale or a sales agreement. Selling real estate involves a purchase agreement, a deed, and usually a title company or attorney handling the closing.

Selling a vehicle or other item

A bill of sale records who sold what to whom, for how much and on what date. For vehicles, it typically includes the make, model, year and VIN, plus an odometer reading. Many state motor vehicle agencies ask for a bill of sale when the buyer registers the vehicle, and some publish their own forms, so check your state's requirements before the sale.

If the item is sold as is, say so clearly. If you are promising anything about its condition, describe exactly what you are promising.

Buying or selling a home

A real estate purchase agreement sets the price, the deposit, the closing date and the conditions that must be met before closing, such as financing approval, inspection results and a clear title. Many states require sellers to give buyers written disclosures about known defects, and federal law requires a lead-based paint disclosure for most homes built before 1978.

Buyers often begin with a written offer to purchase. Once accepted, the offer or a more detailed purchase agreement becomes a binding contract, so read every contingency carefully.

Renting things out

Renting equipment, a trailer or other property is safer with an agreement that covers the rental period, fees, deposit, permitted use and responsibility for damage or loss. Take photos at handover and on return so both sides agree on condition.

Keep copies of everything

Whatever you buy, sell or rent, keep a signed copy of the agreement, any receipts and proof of payment. If a dispute arises months later, or a buyer needs to prove ownership to register a vehicle, these records are what everyone will rely on. Digital scans stored somewhere safe are fine for most purposes.