This is the General Bill of Sale Form download page. The specifics are slightly different for every transaction, but it’s nice to know what is normally included on a bill of sale if you’re going to work with a legal advisor or produce one in the future.
What is a Bill Of Sale?
A bill of sale is a legally binding contract between two parties or peoples that is legal in all 50 states in the United States. It hands over possession of something from one supplier to a consumer. It must also contain information about where to contact, the state of the item that is being sold and also what type of condition it’s in. It must also include any warranty information and also how the payment or payments are going to be made to the original owner.
Bill of Sale Forms for Motor Vehicles
What Are The Potential Benefits From a Bill of Sale
Since the bill of sale is legally binding through the contract, it makes the life of both the seller and the buyer significantly easier. Some benefits for the vendors include an easier way to report tax and a document that states when the ownership of the item switches. For the consumer, it helps the proof of ownership of the property. Moreover some warranty information may have been included with the bill of sale.
Factors that go into Bill Of Sale
There are many factors that should be included in a bill of sale. For one the Property Location, this is where the item is when it’s being sold such as which country or which part of a city. It has to include the sellers’ contact information including and their place of residence and also their full name.
Another factor is the price and the decision of how the payment is going to be made. It can state the way to choose the payment method such as a check, money orders and of course cash just to name a few. It must also include how sales tax will influence the price of the item that is to be sold and whether it is going to be added to the amount or later on added to it.
Bill of Sale Other Resources
- Printable Sample bill of sale templates Form
- 6 Bill Of Sale Templates – Excel PDF Formats
- Bill of Sale Template. Create A Free Bill of Sale Form
Finally there must also be witness information if either party requests it. That means there must be another party or person involved who must also include their full name, any other ways of reaching them and also the place where they reside. It can be done by a public notary to avoid getting someone else into the predicament of the bill of sale. These are the general information what you need to know for a Bill of Sale and hopefully everything you needed to know has been cleared up.
January 31, 2016