In case you ever need to legally sell any property or belongings and officially confirm the deal, a bill of sale will come in handy.
Such a legal paper can be used to support many purchases. However, people usually resort to it when selling cars, motorbikes, or boats. It is also possible to use this juridical document when you want to sell something like furniture, sports equipment, or even livestock.
In general, the seller creates the sale and purchase contract, including all vital information concerning the deal. The primary purpose of any bill of sale type is to document that the transaction occurred and provide necessary protection to both parties in case of subsequent misunderstandings.
In short, such a legal instrument represents a receipt. As mentioned before, the sale and purchase agreement protects the seller and the buyer’s rights by serving as proof of the deal completion. It confirms the fact that the payment was made.
Thus, for the seller, it acts as evidence that the transferred property was acknowledged and received by the purchaser in the “as-is” condition.
For instance, if an individual is selling their used automobile, they might want to sell it in the “as-is” state. It implies that they don’t guarantee that everything on the vehicle operates impeccably since its used condition usually means that there might be something wrong with the car.
In other cases, when you sell a vehicle with a warranty, a bill of sale template must include details on what exactly you are guaranteeing.
When it comes to the customer, this legal document allows them to record the financial transaction and facilitate proprietary rights transfer. That is, it serves as evidence of the fact that they legally purchased something. Following the state’s requirements, the purchaser might need this document to prove that they are the property’s new owner. Thus, some US states require drivers who have recently bought a vehicle secondhand to present a bill of sale before they are allowed to register a car in their name.
The trader can compose such a legal paper by themselves; nevertheless, most people tend to look for a sample first. There are no standard rules for creating a sales and purchase contract, but such a written agreement should contain both parties’ names, a detailed description of the property being sold, and the purchase date.
Every state provides its legislations and requirements regarding bills of sale and their usage. When a person sells a vehicle, they need to find all relevant information online.
In case you are organizing a garage sale to get rid of some things of minimal value, you don’t necessarily have to create a sales and purchase agreement for this. Nonetheless, it would be best if you considered drawing one when you put up a TV or some precious antique piece on sale.
In brief, having a bill of sale on your hands will come in handy when selling a car or a property of considerable value. For something not so significant, you probably won’t have to compose such a document.
If you need to make your own bill of sale, please adhere to the following short instruction.
In the prevailing number of the US states, when an individual sells a vehicle, a motorbike, or a boat, they are obliged to write down all the agreement and money transaction details. Any titled personal possessions should be sold accompanied by a corresponding bill of sale.
At the same time, particular states provide that the title itself works as a deed of conveyance. Therefore, a separate legal paper isn’t required. For this reason, it is vital to learn your state’s legislation before proceeding with the exchange.
Besides that, specific information and formatting applied to such a legal instrument are often requested by various states. Hence, your state’s laws may decree that a notary public must acknowledge every sale and purchase contract, confirming the motor vehicle’s ownership transfer.
Always research your state’s requirements for such a legal document if you wish to protect your rights and comply with the law. Sometimes, it is best to use a template approved by the local regularity body specializing in such dealings.
Bills of sale are relatively widespread documentation, so it will be easy for you to find a template of a corresponding type of this legal paper. For instance, you may find a detailed sample of every bill of sale version on our website, as well as use a highly customized forms builder. Mind that each template contains all necessary details to confirm the transfer of the title in writing effortlessly.
Do not forget to keep a copy of your records, regardless of the source where you got a sale and purchase agreement form.
After you downloaded or otherwise acquired a suitable sample, please read it to ensure that it contains all needed details required for a bill of sale composed following the law. Remember that it is preferable to provide as much information as you can.
Thus, a general type of this juridical document must provide the following details:
In case you want to sell a motor vehicle or a trailer (unpowered vehicle), the sales contract also has to include:
If you are planning to sell an animal, remember to provide its:
Once the bill of sale form is completed and the deal is closed, keep one copy of the agreement and provide the purchaser with the original document.