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A quitclaim bill of sale is a legal template used for the transfer of ownership in a transaction of sale in which the seller clearly states in the form that he is not giving any warranty to the buyer. The seller clearly indicates that he is selling the item ‘‘as is.’’ This means that once the item has been transferred, the former owner will no longer be responsible for the item nor would he be held liable for any damage to the item.
A quitclaim bill of sale template usually contains such key elements as:
- names of the seller and buyer,
- a detailed description of the item under transaction,
- purchase price,
- payment schedule,
- the signatures of witnesses and of both parties to the transaction.
How to Write : Quitclaim Bill of Sale
- Step 1: Enter the total purchase price in words in the space provided and in figures in the bracket
- Step 2: Enter the full name of the seller
- Step 3: Enter the full name of the buyer
- Step 4: Write a full and detailed description of the item
- Step 5: Enter the date of the execution of this agreement
- Step 6: The seller appends his signature
- Step 7: Witness appends his signature
Free Quitclaim Bill of Sale Form - PDF Download
The quitclaim bill of sale protects both the seller and buyer because on one hand, it insulates the seller from being held liable to any responsibility related to the item. On the other hand, it gives the buyer the full rights to claim ownership over the item, having bought it from the previous owner, with full consent.
When a transaction has taken place and the ownership of an item has been transferred from one person to another in the condition in which the item is without any warranty, it is important to have a record of the process. A quitclaim bill of sale allows a seller of an item to achieve this objective so that henceforth, he is free from any obligation pertaining to the item. On the other hand, the buyer assumes full rights and can lay a legal claim to the item and take full responsibility for it including any damage or liability that may arise.