When the sale of an item involves a large sum of money, a Bill of Sale should be utilized to register the transaction. A Bill of Sale can also be a tangible piece of evidence to be utilized for tax purposes.

This provision stipulates that the item can not be returned for any reason and that the condition on the day of the sale is indicated to be acceptable upon the signing of the document by both parties. In addition, this particular bill of sale supplies a clause stating the condition in which the item is received is on an ‘as is’ basis, with no expressed or implied warranty or guarantee. For the seller of the item, the form produces a proof of transfer, confirming the release from any liability should the purchased item be used in an illegal manner or abandoned after the fact. The Bill of Sale provides the buyer of the property with a concrete certification to ownership after the sale has been conducted. When exchanging an item of substantial value for a large dollar amount it is beneficial to create a physical record of the transaction should any aspect of the sale or transfer come into question down the line. It is considered to be a legally binding contract and its authenticity is only further substantiated with endorsements from witnessing parties or a supervising notary public. The form generally requires signatures, indicating an agreement between both parties and the terms of the contract.

It encompasses all identifying information surrounding the purchase and involved individuals for recording purposes. What Is a Bill of Sale?Ī bill of sale is the standard document accounting the sale of an item as well as identifying of important key elements pertaining to the item being sold, the buyer, the seller, and the purchase itself. The contents of the enclosed information are comprised of seller, buyer, and sale item information as well as signatures and dates to indicate agreement and date of transfer. This testament to the transaction can be invaluable to clear up any possible future dispute regarding ownership or liability. A Blank Bill of Sale Form enacts an accord using a material document to commemorate the exchange of a given item for an expressed financial amount.

Vehicle bill of sale template simple