An equipment bill of sale is a document that the buyer and seller of any type of machinery, electronics, or heavy equipment may sign to conclude a deal on the transaction of ownership rights from one party to another. This document might be sometimes referred to as a “purchase and sale” form, and its purpose is in recording the details of a transfer. That includes information such as the object of sale, its purchase price, type, the seller’s and buyer’s information, and the form of payment. The date of the deal is also documented in this form, which is then signed either by the seller or both parties.
An equipment bill of sale is applicable to the transactions involving all types of machinery and equipment including but not limited to a lawn mower, computer, heavy equipment, farm equipment, and any other appliances working on gas, fuel, or electricity. However, it is vital to keep in mind that an equipment bill of sale documents the transfer of ownership for a certain appliance in its current condition with no complaints such as improper work, defects, or damages accepted afterward. Thus, before placing their signatures on the document, the buyers should either conduct a close examination of the purchased item or ask a professional technician to do it.
This type of a document usually accompanies the transfer of ownership from a seller to a buyer with all relevant details about the object of purchase included such as its year of production, serial number, condition, etc. The equipment bill of sale thus represents a legally-binding paper stipulating the purchase price of the object and the obligations on which the parties agreed. As a result, both the seller and buyer feel secure in their rights in the commercial deal.
Not everyone is competent enough to create their own equipment bill of sale correctly. However, drafting it properly with all relevant details and conditions specified secures you from legal trouble and misunderstandings. To avoid costly mistakes, you may use a bill of sale template on our website. It already contains all of the details that this document should typically include, allowing you to customize the bill of sale form to any specifics of your deal.
Our website offers a number of bill of sale forms suiting every type of commercial deal, equipment sales included. The formats in which you can download a bill of sale form are .docx (Microsoft Word), .odt (OpenOffice), and .pdf (all PDF readers). Just download the form you like and complete it with the information relevant to your deal by filling in the gaps. After that, only your signature will be required to fix the deal as a legal transaction.
Besides using a downloadable bill of sale form, you can try out our online form builder to customize your equipment sale documentation.
An alternative to filling our bill of sale form may be a consultation in a law firm, but you should be prepared to pay a pretty penny for that service.
Selling any type of equipment is quite easy as there are always people who will want to buy those items. The key to a successful deal is finding a trustworthy buyer, which is simple if you follow a sure algorithm.
Step 1. Get the Equipment Ready
Any piece of equipment in use gets a bit worn out. Thus, your task is to clean it and get everything ready for the transaction. A buyer is more likely to purchase your item if it looks like new.
Step 2. Publish Sales Ads Everywhere You Can
After preparing the equipment, you may take photos of it and place an ad in any place possible. Add all relevant information about the item, give your name and contact details, and wait for the buyers to arrive.
Step 3. Negotiate the Deal with Prospective Buyers
It is natural that buyers want to save some money on the transaction, so they are sure to negotiate the price for your equipment. At this stage, it is critical to keep in mind the lowest price at which you consider the sale reasonable. Stick to it to avoid an unprofitable deal, but reserve some discount to make the purchase more appealing to your prospective buyers.
Step 4. Fill Out an Equipment Bill of Sale
The completion of a sale may be regarded as legal after the bill of sale form is filled in and signed. Both buyer and seller should have a copy of the bill of sale to have their interests protected. The following information about your equipment needs to be included: