General Bill Of Sale Template And Samples To Inspire You
Bill of sale is a type of sales receipt, a document used as a proof to verify the sale done by individuals. A bill of sale is used for selling a high value items or products like used car, boat, motorcycle or aircraft.
It plays an important part as a legitimate proof that the seller has received the agreed amount of money in exchange for the items/ products. Bill of sale is used to protect both the seller and the buyer, for the buyer, it can be a proof that the payment has been made and the ownership has been transferred to them.
A bill of sale maybe required if you want to register the car you just purchased on your name. Other processes like Tax reporting and warranty processing will also require bill of sale. While for the seller, this document can be used to release them from liability.
Bill of sale is written with legal language, a writing style that businessman and lawyer use. But don't worry, if you are not familiar with legal language, you can make use of bill of sale template to help you create one for your sale.
Before crafting a bill of sale, you have to know the basic information and component that will be required in the document. A standard bill of sale will require the initial owner / seller name, the buyer name, the vehicle description, the VIN, odometer, and also the price agreed by both the seller and buyer.
In some states, you will need to legalize it on notaries , so be sure to conduct small research for your state's regulations regarding selling high values items. You can go to your government's website to get the information.
Identify the parties involved
Next, we need to identify both parties involved in this transaction. We can fill the fields in the bill of sale with the name of both the seller and the buyer, valid address and other required information.
Describe the Items
We will need to describe the items , so the Department Motor Vehicle (DMV) could identify the vehicle. This will be required during the vehicle registration, so we will need to describe the item correctly. General descriptions can be what is the make, model VIN, odometer reading, model year, Type, engine displacement and many more.
Write the price and date
The price is one of crucial component in a bill of sale. We need to specify the price correctly and for installment payment, please make sure you specify the due date clearly to avoid confusion and misunderstandings.
Signs of Both Parties
To finalize the bill of sale, it will require signature for the buyer and the seller and also the mediator, if available.
That's all. There are also a collection of bill of sale samples to help you get more ideas and references to create your own bill of sales. Be sure to check them out and be inspired!
Wednesday, December 18th, 2019
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