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A general bill of sale is a document that proves a sale took place between 2 parties – a buyer and a seller. This form shows a description of the sold product / service, the money paid for the same and contact info of both parties, and their signatures. This form is given to the buyer by seller and the buyer can use it prove they are the rightful owner of the item purchased. A general bill of sale is commonly used for selling any type of legal property to own, buy, or sell such an item in the state in which the transaction is taking place.
Before filling out a bill of sale, the buyer and seller should confirm the item’s condition and agree to its sale. At this stage, both parties agree on a payment method and any special conditions of the sale, such as a warranty or financing. If the buyer chooses to pay in cash, the amount needs to be paid in full at the time of the sale. Financing is commonly handled separately through a bank. When a bill of sale includes a warranty, it must clearly explain what damage and repairs the guarantee covers and for how long. If the document does not have a warranty, the item is sold “as-is.” Therefore, the buyer must check the item thoroughly and ask any questions before the sale is completed and the form is signed.
Once the terms of the sale have been agreed upon, the buyer and seller should complete the bill of sale form. Be careful as you fill it out, as both parties’ handwriting must be legible for the form to be valid. A bill of sale includes the following sections that you must complete: Seller and Buyer Information and Item Information and Purchase Price
Once you’ve filled out all the information, both parties must check the form and then sign and date it. Most states don’t require you to notarize your bill of sale to make it valid.
To complete the sale, the seller collects payment and hands over the certificate of title (if applicable). If you’ve bought a vehicle, you’ll need to register it at the Department of Motor Vehicles (DMV) and pay sales tax.
Creating an agreement can be tricky, and a template can help you get the most crucial job done in a jiffy.
Yes, a bill of sale is a legally binding contract between a seller and a buyer. The document is evidence of an agreement between the two parties that a sale has taken place between them. Some sales agreements can also be a promise that a sale will occur in the future.
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