Meghan Stokhorst January 10, 2020 Bill of Sale Examples
A bill of sale, also referred to as a “purchase and sale”, is a document that establishes the details of a transaction between two (2) parties, Buyer, and Seller. The form is usually very simple stating the financial terms of the agreement followed by the signature of the seller (buyer’s signature may not be required). The monetary funds (such as cash or certified check) should exchange hands at the time of purchase (which should also be dated in the bill of sale).
The bill of sale form will include the details of the transaction, and although it will typically be signed by the seller, it does not have the legal force of a title or deed. Bills of sale do not prove ownership; rather, they only show that a transfer of ownership occurred. Nonetheless, the bill of sale can prove as useful evidence that the transaction did indeed take place. It can also be helpful if there is a dispute as to the details or conditions of the transaction.
The next thing to remember is that your bill of sale template must specify the financial details of the transaction. Upon viewing the form, one should easily be able to tell how much the property was sold for and when it was sold. If there is sales tax involved, this should be noted as well; moreover, the method of payment (such as cash) should be clearly indicated in the template.
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