Verifying the transfer of ownership of an item being sold. Key Terms to Include in Your Bill of Sale : The bill of sale should also state other agreements regarding the sale, such as due dates for pending payments, late payments, interest rates, etc. : The bill of sale document should also state the method of payment used such as installments or in full, cash, check, credit card or bank deposit. : The bill of sale, in case it is a private sale of a used property, such as a used car, should name previous owners known to the seller. It should also contain signature above the statement acknowledging that both parties have provided true and correct information best of their knowledge and belief. : Your bill of sale document should include the names, addresses and signatures of the buyer and the seller. If your agreement does have a warranty you should put it in the bill of sale document. : Private party sales are generally considered “as is” sales or ones without warranty. If your item is a gift or a partial gift, the bill of sale can state the reduced price. : Your bill of sale should also state the price the item is being sold for. For instance, if you are selling a car, your bill of sale should mention the year, make and model, vehicle identification number, current mileage, and license plate number. : Your bill of sale should describe the item being sold in detail. : Your bill of sale document should mention the date of the sale. However, even if your state doesn’t have a sample bill of sale format, there are a few components common to all bill of sale documents. Some states provide a free template or sample bill of sale form.
Serves as legal evidence that the seller has transferred ownership of an asset to a buyer.
Bills of sale are not required by all states but are generally important to prevent future misunderstandings between the seller and the buyer in a transaction. The document provides basic information about the property or object being sold.
A bill of sale, proof of purchase, proof of payment, or proof of sale, is a legal document that is used to transfer ownership and verify a sale.
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