When people buy and sell a house, there are often questions about which appliances come with the offer. For instance, if you do the final walk-through before closing and realize that the refrigerator is gone and there are large holes where the TV mounts used to be, is this normal? You will know what comes with the house because The “Bill of Sale” lists which things get transferred from the seller to the buyer.(This is separate from the deed.) This document ensures both parties understand what is being exchanged, and it drastically reduces the possibility of disputes later. However, you must be specific about these items from the start to avoid misunderstandings and potential issues with the transaction. As you will see, some of these items can jeopardize your loan approval.
Items Typically Included in a Real Estate Sale
In Illinois, the deed typically covers the land and the structure. The additional items are often either affixed to the property or considered essential to the home’s function. Examples of these include the microwave, refrigerator, and washing machine. These items are usually included if they are physically attached to the property at the time of the offer.
Affixed items like carpets, speakers, or TV brackets are considered part of the property. This means they are included in the sale unless stated otherwise. As we discussed in the introduction, wall-mounted speakers and TV brackets that are nailed or tacked down leave large holes when removed. For this reason, they are typically included in the sale.
There’s always room for negotiation; you should discuss these items early in the home-buying process. For instance, an extra refrigerator in the garage, attached speakers purchased from a retailer, or custom drapes might not automatically be included. These items can be listed explicitly in the Bill of Sale, ensuring they are part of the transaction.
Knowing the property’s condition at the time of the offer is very important. Items affixed or installed are presumed to remain unless the seller specifies otherwise. This includes built-in appliances, window treatments like blinds and curtains, and light fixtures. If there is any doubt, clarify the details in writing.
The Importance of Clarity in the Bill of Sale
Clarity in the Bill of Sale avoids jeopardizing the lending process. Lenders focus on real estate and prefer not to deal with personal items like furniture. In other words, don’t add personal items (e.g., a couch) to the loan. If the Bill of Sale is unclear or includes personal property, the lender may not give you final approval on your loan. This causes delays and complications in securing the necessary financing.
Negotiating and documenting what stays and what goes is crucial to avoiding conflicts. For example, if there’s a side agreement about custom drapes or other personal items, it should be outlined. This prevents misunderstandings that could disrupt the sale or lead to disputes after closing.
It’s also important to consider how these items impact the home’s value. For example, leaving behind high-end appliances or custom installations might be a selling point for buyers. On the other hand, certain items might have sentimental value to the seller, making them less willing to include them in the sale. Parties might sometimes agree to leave certain items “as is” without expecting repairs or replacements.
Buy Your Next Home With Our Legal Support
Ensuring the Bill of Sale is detailed and agreed upon early in the process is essential. This document should list all items in the sale to avoid issues with the lender or between the buyer and seller. Schedule a free consultation so we can guide you through your next real estate transaction—including drafting a comprehensive Bill of Sale. We represent clients throughout Chicagoland and Northwest Indiana and are ready to assist with your real estate needs.
Auricchio Law Offices
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