Legal Definitions - participation loan

A Particulars of Sale is a formal document that provides a detailed and comprehensive description of an asset or property being offered for sale. Its primary purpose is to inform potential buyers about the key characteristics, condition, and relevant specifications of the item, enabling them to make an informed decision before purchasing. This document is commonly used in real estate transactions, auctions, and other formal sales processes where transparency and detailed information are crucial.

• Example 1: Residential Property Sale

  When a homeowner decides to sell their house through a real estate agent, the agent will prepare a document known as the Particulars of Sale. This document would typically include the property's address, the number of bedrooms and bathrooms, total square footage, lot size, details about the heating and cooling systems, recent renovations, property taxes, and any fixtures or fittings included in the sale (e.g., built-in appliances, window treatments). It might also highlight proximity to schools, public transport, or local amenities.

  This illustrates the term because the document provides a thorough overview of the house's features and condition, giving potential buyers all the necessary information to evaluate the property before making an offer.

• Example 2: Commercial Equipment Auction

  Imagine a construction company is liquidating some of its heavy machinery, such as a large excavator, through an industrial auction. The auction house would issue Particulars of Sale for each piece of equipment. For the excavator, this document would specify its make, model, year of manufacture, engine hours, maintenance records, any known defects or required repairs, and its current operational status. It would also detail the location for inspection and the terms for collection after purchase.

  Here, the Particulars of Sale are vital for bidders to understand the exact specifications and condition of the machinery, allowing them to place informed bids based on accurate and comprehensive details.

• Example 3: Fine Art Sale

  An art gallery is preparing to sell a valuable painting by a renowned artist. The gallery will create Particulars of Sale for the artwork. This document would include the artist's name, the title of the painting, the medium used (e.g., oil on canvas), its dimensions, the date of creation, its provenance (the history of its ownership), any notable exhibition history, and details about its condition or any restoration work performed. It might also include an estimated value or reserve price.

  This example demonstrates the term as the document provides critical information for potential collectors, authenticating the artwork, establishing its historical context, and detailing its physical attributes, all of which are essential for assessing its value and desirability.