Legal-Ease: Facilitating purchases and sales

Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.

Buying and selling happens constantly in our society. Normally the purchaser gets some sort of documentation from the seller to prove that the purchaser acquired the item properly. A receipt evidences proper ownership for quite a bit of personal property. But for some items, such as items purchased at an auction or from farm implement dealers, the evidence of ownership is called a “bill of sale.” In real estate, the proof of ownership is called a “deed.”

In our society, buying and selling happens every minute of every day. When people buy or sell anything, the purchaser usually gets some sort of documentation confirming that possession of the item was voluntarily transferred (the item was not stolen).

For most personal property, a receipt evidences proper possession and ownership. However, for some personal property, like many items purchased at auctions or from farm implement dealers, the evidence of ownership is sometimes a slightly different document called a “bill of sale.” For real estate, proof of ownership is a deed.

Read more about the steps and parties involved in purchases and sales in Lee’s article in the Lima News here: Legal-Ease: Facilitating purchases and sales

Source: LimaOhio.com, “Legal-Ease: Facilitating purchases and sales,” by Lee R. Schroeder, December 5, 2015

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