The bill of sale indicates the sale of an item and the completion of a transaction.
For sellers, it is essential to issue a bill of sale to the buyers and this is meant to maintain accounts and also file for tax reasons.
On the other hand, buyers find this bill of sale copy important to claim insurance or compensation for any losses in the future.
Bill of Sale Templates in PDF & Word
The basic format of a bill of sale form is meant to include the conditions associated with the product/item sold and the money exchanged between the parties to mark the transaction completion.
When the sold product or item has a high value such as a vehicle or a laptop, it is essential to include individual placeholders for the information and signatures of both the parties (seller and buyer).
For products with low value, it is sufficient to indicate the as-is condition of the item/product during the transaction and the seller does not take account of the condition of the product after the business has received the same.
While this concept can sound simple and easy to handle, it needs a proper printable to display professionalism in this transaction and also furnish all the required descriptions in the appropriate placeholders.
We have made this process simple for you as a seller with our range of professional ones.
These are meant to use in any situation that involves the purchase or sale of an item.
In some cases, the transaction of an item comes with several conditions or instructions and these are meant to educate the owner/business about the usage pattern of that item.
We have listed the conditional one as well below.
For Vehicle – Car, Motorcycle
Transferring the ownership of a vehicle that is so dear to you needs a proper understanding of the trading guidelines. Every state follows a different registration method for the vehicle.
However, a bill of sale document is common and makes the transaction easier and effective.
In fact, this is considered a contract where the terms are negotiated and the buyer is allocated with a unique vehicle identification number.
If it is a used vehicle, the vehicle documents are furnished to the buyer and the terms and conditions are documented in a contract.
When the transaction nears the completion, the bill of sale is produced to the buyer.
As a buyer, you need this document to handle any legal obligations or other requirements in the future related to your vehicle.
We have a few vehicle bill of sale that you can directly get and use for your transaction similar to a Contractor Invoice Template.
For Personal Property
Similar to the sale process followed for the vehicle, you need to pay attention when the process involves the sale of your personal property.
When it is a house or a commercial property, it is essential to affix the property documents along with the bill of sale.
In several states, house sellers are expected to provide sale deeds to the buyers. When the buyers pay the sellers in multiple installments, the bill of sale is produced only at the end to mark the complete ownership.
If you are planning to sell your property, you need to know that the bill of sale has to abide by the state policies and housing laws.
Further, it has to include the terms and conditions as in the rest of the contracts so that they are uniform and the buyer does not feel confused at a later time.
It is a better idea to take the attorney’s help in drafting the right one for your personal property bill of sale.
How To Write A Bill Of Sale Form With Information?
There are two ways to write a bill of sale.
- Using our bill of sale form/ receipt
- Creating a bill of sale receipt on your own
- Determine the product being sold. It can be a house or a piece of equipment or even a business. There are no limitations to the nature of the product you sell. Mention the product background in the header part of this document.
- In the subsequent section, it is appropriate to include info of the seller and buyer.
- Then comes the most important part of this document which is the product description. In this section, you can include specifications of the product, terms, and conditions, warranties, liabilities and inspection procedures. If the product is of high value and is already used, it is a better idea to inform the ‘as is’ condition to keep the buyer informed.
- After the description is detailed, the amount received needs to be filled.
- In the last part of this document, both parties will have to sign and mark the completion of this transaction.
- It is optional to include the witness name and signature at the footer part of the bill of sale.
If you are making use of an application like Microsoft Word to prepare the bill of sale document, you can also use the already existing bill of sale in Microsoft Office Library. This saves time and effort.
However, ensure that the bill of sale has all the legal placeholders that you require to prepare the contract.
There are also certain misconceptions about this seller bill of sale.
- A sales agreement is different from a bill of sale as the former is to initiate the sale while the latter is to confirm the closure of the sale.
- Several states still consider this document legally binding. So when you sell/buy a product, you need to take this printable and include the guidelines abided during this transaction.
- Even if you have sought external financing to purchase the product, this printable is still required and a sales agreement is just not required.
Every penny counts and making use of a bill of sale form allows you to add value to the transaction.
It keeps you from legal or trading complications in the future.
Whether you create it or use our ones, simply pay attention to every detail included in it.