Bill of Sale Information
A Bill of Sale, also called a sales receipt or sales slip, is used during a transaction between two parties. It transfers ownership of personal property from one person to another.
A Bill of Sale can be used for automobiles, boats, pets, furniture, scooters, bicycles, equipment, and other personal property.
LawDepot's Bill of Sale can be used in England, Northern Ireland, Scotland, and Wales.
Parties in a Bill of Sale
There may be more than one of each party involved in the transaction.
Purchaser: the individual who has agreed to purchase an item from a seller.
Seller: the individual who is selling an item.
What Information Do I Need to Create a Bill of Sale?
You should include the following information in your Bill of Sale:
- Seller and buyer information
- Region and county
- Item being sold and its description
- Price, sales tax, and form of payment
- Loans and liens on the item, if applicable
Describing an Item in Your Bill of Sale
When describing the item to be transferred, it's important to be clear. Listing all the attributes of the goods can help to ensure there are no discrepancies during or after the sale of the item.
For example, if you are describing an automobile, you will want to include the make, model, color, body type, and odometer reading in your description.
If you are selling a piece of furniture, you should list the model, make, size, color, dimensions, age, type, and as many other descriptive characteristics as you can to identify the item.
When to Use a Bill of Sale
When a seller is advertising a piece of personal property for sale and a purchaser is interested in attaining the item in exchange for payment, a Bill of Sale should be used to provide proof of the purchase. It validates private sales by recording the transaction in written form.
The sales slip should be signed when the item switches hands from the seller to the buyer and the seller has received full payment for the item. Each party should retain a copy of the Bill of Sale for their records.
What is "as-is without any warranties" in a Bill of Sale?
"As-is without any warranties" simply means that the seller does not insure the quality of the goods and is not liable for any flaws found in the item as long as he or she has not purposely hidden any of this information from the buyer.
Documents Related to a Bill of Sale: