Question: What is the best way to write up an offer on a fully furnished home? Can we do a bill of sale for those items separate from the contract and is there a correct way to do that?
Answer: Personal Property is typically sold by separate “Bill of Sale” and paid for with cash outside of closing. See section 1.2 of the REPC. Lenders generally will not include personal property in a Mortgage loan unless there is no value in the personal property. See Personal Property Transfer Agreement & Bill of Sale. (section 5). There is a Bill of Sale form 55 B and Inventory addendum 55C and an Inventory list 55D to use. You should itemize all personal property to be included on a Bill of Sale. Make sure you contact the Lender to verify their policy. If it’s a Cash transaction, the personal property can be included in the Purchase contract. You would still need to provide a Bill of Sale and itemize the property by addendum or inventory list.