Bill of Sale
What is a bill of sale?
A bill of sale is a professionally drafted bill / receipt to record the sale or transfer of ownership of an item (such as any personal goods) from one party to another. It states the buyers obligation to pay a price for the item ‘sold as seen’ without any warrenty. It states the sellers obligation to confirm that they will provide the item or goods in accordance with the terms of sale.
What does a bill of sale cover?
The bill of sale expressly states that the goods are “sold as seen” so there can be no dispute over the condition of the property in the future. It also states the purchase price and a description of the items. It includes other details such as the sale date, identifies the buyer and seller, condition of the goods and more.
When should I use a bill of sale?
Anyone who is selling an item or personal goods should use a bill of sale to protect the transaction and create a record the sale.
Do I need a bill of sale?
You should use a bill of if you are buying an item without warrenty or selling any personal goods and seek protection from future disputes and disagreements.
You should not use a bill of sale for transactions of real estate or financial instruments or services.
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