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 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.
|Document Name||Equipment Bill of Sale Form|
|Other Names||Farm Equipment Bill of Sale, Machinery Bill of Sale|
|Avg. Time to Fill Out||10 minutes|
|# of Fillable Fields||56|
|Available Formats||Adobe PDF; Microsoft Word|
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 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 our bill of sale form are .docx (Microsoft Word) and .pdf (any 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 bill of sale.
An alternative to filling our bill of sale form may be a consultation with a law firm, but you should be prepared to pay a pretty penny for their services.
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 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. Here’s an example of a platform for equipment sellers – EquipmentTrader.
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:
The completing suggestions are intended around the bill of sale template for equipment created by our company. Nevertheless, make sure you opt for the standard document when it’s available from your local authorities.
Step 1: Indicate the document’s creation date.
Step 2: Enter the buyer’s and seller’s particulars:
Step 3: Describe the piece of equipment being sold:
Step 4: Enter the transaction method and total price.
Enter the sale date and specify the full price that must be paid for the equipment. Once that’s been done, you need to mark the way of transaction:
Next, decide on one transaction method:
The last thing to do within this section is to select if all applicable taxes are included in the purchase price.
Step 5: Go through standard terms and ensure that both sides have an understanding of them.
This normally says that the seller is the owner and legally able to sell the equipment and that all of the information on the Bill of Sale is accurate to the best of the seller’s knowledge.
They typically say that the buyer who acquires the equipment is sold in “as-is” condition and is responsible for it once the purchase is finished.
Step 6: Sign the bill of sale.
The buyer is normally not required to sign the form. Yet, it’s advised to get the document signed by each party. As an extra safety measure, you could have one or two people witness the process and sign the form.
Step 7: Notarize the bill of sale
This way, you’ll have more legal protection. However, this is typically entirely elective.