To best protect yourself, make the bill of sale as detailed as possible. One of the purposes of a bill of sale is to prevent the buyer and seller from falling into conflict after the transaction. If you are worried about disputes during your transaction, the bill of sale is here to save the day. Here are a few of the most common assets that a bill of sale should be used while transferring: When do I need to use a bill of sale?īills of sale are typically used for bigger transactions. The bill of sale confirms that a product was received and paid for.Īlso, there are some states where it is illegal to not use a bill of sale when selling something privately. In these private buying scenarios, it can be hard to prove that a transaction even took place. They also protect the buyer and the seller in the transaction. The primary purpose of a bill of sale is to confirm the transfer of ownership of an asset from a seller to a buyer. Here are the more popular ones you might run into: Proof of Purchase There are multiple other names for a bill of sale. Have bill of sale questions? Don’t worry, we have answers. Bill of sale FAQsĪnytime legal documents and contracts are involved, it is best to be extra careful. If the VIN is not included, the bill of sale is not valid. This is important to know because bills of sale are often used in used car transactions. #Notarized bill of sale texas serial numberVehicle identification number (VIN): The serial number of a vehicle. Payment: Money from the buyer to the seller in exchange for an asset. By signing the bill of sale, the buyer is accepting the asset in its current state. Gift: When an asset is given to someone without compensation, that asset is considered a gift.Īs-Is: A section of the bill of sale that states the asset is being purchased in its current condition. Once the notary has signed the document, it is legitimate. Notary: A person authorized to perform certain acts in legal affairs, which in this case, would be the signing of a document. Seller: The person in the transaction that is offering an asset for purchase. Bill of sale termsīills of sale can be straightforward, but it’s important to make sure you have a good grasp on the terms in the document before signing.īuyer: The person in the transaction that is paying the seller in exchange for an asset. Make sure to check the standards in your state to make sure the bill of sale you are drawing up is valid. All you need to do is print it and fill it out!Īs stated above, different states might require certain parts while others might not. To make your life easier, we put together a bill of sale template. Signatures of the buyer, seller, and a notary #Notarized bill of sale texas freeA guarantee that the asset is free from all claims and offsetsħ. A description of the asset being transferredĥ. The names and addresses of the buyer and sellerģ. Parts of a bill of saleĮach state might have some different requirements, but a bill of sale will typically include the following: 1. If you live in a state where no bill of sale is provided but it is required, make sure you include all of the necessary information when writing your own. Some states require a bill of sale while others don’t. As long as the document includes all of the necessary parts of a bill of sale and is signed by both parties and a notary, it is valid. If your state does not provide a bill of sale form, yes, you can handwrite one yourself. The document will protect both the buyer and the seller should they come across a conflict during the transaction. In the buying process, the bill of sale is written up by the seller. Typically, bills of sale are used to document the transaction of cars, motorcycles, or boats, but they can also be used to record other proceedings as well. Want to skip ahead to the free template? Click here.Ī bill of sale is a legal document that records the transfer of an asset from one party to another in exchange for money. When products are being exchanged between the two parties, it is safest to have a bill of sale drawn up so this doesn’t happen. However, if a conflict arises, things can get complicated. This isn’t necessarily a bad thing if two people can peacefully exchange money for an asset. When buying something used, however, the seller might lack a defined process. The salesperson tells you a price, you hand over that amount, a signature might be involved - you know the drill. When buying something new, the establishment from which you are buying that item will lay out the process for you.
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