A purchase would often mean a transfer of ownership from the seller to the buyer. A bill of sale is an official document that gives the buyer ownership of a purchased good. Bills of sale are often confused with a sales agreement but these two are different things. A sales agreement or contract is issued before the goods are exchanged.
Bills of sale, on the other hand, are issued during or after the exchange of goods. Business owners need to issue bill of sale forms when a purchase is being made. Our Bill of Sale Samples are in Word or PDF form so you can easily download and use them for your business.
Free Legal Bill of Sale Form
Automobile Bill of Sale Contract
Legal Documents Bill of Sale
Legal Bill of Sale Example
Two Types of Bill of Sales
- Absolute Bill of Sale – An absolute bill of sale is one in which the transfer of goods is complete after the transaction is done. Once the sale is done, the buyer is now the official owner of the goods and the seller cannot make any more demands about it.
- Conditional Bill of Sale – A bill of sale is conditional when certain conditions need to be met first before the transfer of ownership becomes official.
What to Include in a Bill of Sale
All bills of sale often have the same elements included in them with just variations on the details of the goods being exchanged. A Trailer Bill of Sale for instance would include the trailer model, the vehicle identification number, etc. Listed below are the general elements you see in a bill of sale.
- Name and address of the seller
- Name and address of the buyer
- Information of the asset being sold
- Date of transaction
- Guarantee that the goods being sold is free from all claims
- Representations and warranties
- Amount paid
- Method of payment
- Signature of the seller
Legal Bill of Sale of Personal Property
Legal Bill of Sale for Boat
Legal Bill of Sale for Vehicle
Legal Bill of Sale in PDF
With or Without Warranties?
A bill of sale with warranties means that you are assuring the buyer that you are the rightful owner of the goods and that you are authorized to make the sale. When problems arise as to the ownership of the goods, you are ready to vouch for the buyer.
A bill of sales without warranties on the other hand means the seller does not warrant title. This happens in cases when the seller cannot prove ownership of the goods or just doesn’t want to warrant title. This statement “no warranties” clause also offers a kind of protection to the seller when disputes happen in the future.
Tips in Dealing with Bills of Sale
Buyers need to read the bill of sale so they know all the information about the transaction they will be doing. There are bound to be details included in them that one may have missed, so it is important to double-check. A Boat Bill of Sales for instance may have no warranties and signing it means you understand what it entails in your ownership of the boat.
Bills of sale documents the transfer of ownership of goods form one person to the other. They need to be complete in all the details so that both parties are satisfied with the transaction. Our legal bill of sale samples are a great guide in dealing with these kinds of documents.
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