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What Is a Bill of Sale?
A bill of sale form is an arrangement that aids in the property ownership documentation, legally pointing out the specifics and all of those involved in the sale. It functions as a receipt, legally noting the passing of monetary funds from one person to another. Everyone involved in the transaction, along with detailed classifying information about the item, is required.
When creating a form, each party’s responsibility to sign in all necessary places, confirming that they agree to the terms and conditions outlined in the form. After all information about the sale object is included, all those involved should print and keep a bill of sale for their own records.
Why You Should Use a Bill of Sale Form
Anytime an individual wishes to purchase or sell an item(s), they should use a bill of sale form. A few examples of those who should consider such a form include:
- Anyone buying, selling, or trading online
- Passing of ownership between previously-owned property
- When purchasing or selling items of high value
- When individuals take to purchasing property on their own
There are also circumstances in which family members or a close friend can use a bill of sale to claim ownership. These could be cases where grandparents pass on items to grandchildren or their relatives. Thus, a bill of sale helps avoid confusion or misunderstanding between other family members as a written and certified document.
Essential Details to Include
While anyone can create a bill of sale form, it must follow a set list of guidelines to be deemed useable in a court of law. When individuals choose a template, it must contain blank spaces that indicate the information necessary to give a detailed recollection of the passing the legal ownership in exchange for monetary funds.
Any such form should also outline details of the item in question. This includes specifics about the physical description along with any necessary identifying numbers that go along with it. An example would be vehicle identification numbers (VIN) for automobiles or physical addresses for homes or apartments.
Perhaps the most crucial piece of information recorded in a bill of sale is the financial details. The total purchasing price, along with a breakdown like taxes, is needed. The buyer should also provide details about the payment method, whether it is cash, credit, or check.