Bill of Sale Definition
A bill of sale is a document that transfers ownership of an asset from a seller to the buyer, a basic agreement for sale of goods, and a sales receipt.
What is included in a bill of sale form?
Most bill of sale forms require the following information:
- Amount of consideration paid for the transfer of title and date of purchase.
- Name and address of Seller
- Name and address of Buyer
- Specific information about the asset being transfered from the seller to the buyer.
- Guarantee from the seller that the item is free from all claims and offsets.
- Any representations or warranties
- Signature of the seller(s)
- Signature of a notary public.
Does a bill of sale have to be recorded? Generally, a bill of sale does not have to be recorded but may be required as proof of ownership.
Who must sign a bill of sale? The owners of the property being sold must sign. If the property is owned jointly, both owners must generally sign.
How do I complete a bill of sale form? Our forms clearly provide the information to be completed as part of the form contents.
May I use a bill of sale for the sale of a dog? Yes. A pet is considered personal property and may be transferred by personal property bill of sale.
What does with or without warranties mean? A bill of sale with warranties means that you assure the buyer that the property is yours and that you have the right to transfer the property and will defend the buyer from other persons who may claim the property. A bill of sale wthout warranties means that you quitclaim the property and do not warrant title. A quitclaim is used in several situations, such as where the seller cannot prove onwership in the seller, or where the seller just does not want to warrant title to the property. This is similar to a quitclaim deed vs a warranty deed.
What are the execution and witness requirements? The requirements of how the bill of sale must be signed is governed by State law and varies from State to State. Some States require that a bill of sale by witnessed, others require that it be notarized and some do not require witnessing or a notary. The forms provided comply with the laws of your State. This is one of the main reason many free forms are declared invalid.
What does "as-is" mean? This means that you do not guarantee the condition of the property or that the property is free from defect. Unless you add a provison to the bill of sale that you warrant the condition for a certain number of days, the transfer is generally without warranties. However, the "as-is" language clarifies that no written or verbal warranties were made to the buyer and is used to protect the seller.
© Copyright 1997-2020 US Legal Forms - All Rights Reserved, a USLegal™ site.