Bill of Sale Form

Bill of sale is also referred to the official and legal form or letter of purchase and sale of an item. This can be anything from a vehicle or a company or shares in the stock exchange. When a person sells something to a buyer, they both sign this bill of sale form in order to make the deal official and transfer the rights and ownership to the new owner of the items. This is a legal document and it is usually drafted in presence of attorneys and witnesses.

Importance of Bill of Sale Form:

You can understand the importance of a bill of sale form by supposing that you have sold a car to a new buyer and now he is using it. If he uses the vehicle for any illegal activity, you will be held responsible if you don’t sign a legal ownership transfer form that states that you have sold the vehicle to a new buyer and now he is using it and in case of any dispute, he will be responsible to answer the authorities. On the other hand, as a buyer, you can’t claim your ownership on an item i.e. vehicle if there is legal proof of this purchase. This is why it is really important that when an item is sold, the ownership of that item is transferred to the new owner and this bill of sale form is used for this purpose. This is a legal document and it can be used in courts or presented to law enforcement departments in case of any dispute or problem.

Key Elements to include in the Bill of Sale Form:

  • Name of the seller
  • Name of the buyer
  • Date
  • Location where the sale is made
  • Details of the purchased/sold item (i.e. motor bike, car, industrial equipment etc)
  • Details of the payment received in return
  • Authority/ownership rights of the sold item
  • Warranty of the sold item
  • Other details (as per each item that is being sold)
  • Names of the witnesses
  • Signatures of both parties

Some useful tips for writing the Bill of Sale Form:

  • There are many sections that are made on this bill of sale form i.e. names of both parties, date when the sale was made, location, ownership transfer to the new owner and the payment that the seller received in exchange of the sale. You need to mention all these elements in proper sections on this form.
  • It is very important that you mention the names of the both parties i.e. seller and buyer on the bill of form very clearly.
  • For legal purposes, it is important to mention the date when the sale was made and the location where the items or goods were given to the new owner.
  • For taxation purposes, mention the payment that the seller received in exchange of the sale on the bill of sale form very clearly.

Here is preview of a Free Fillable Bill of Sale Form in PDF format,

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