Payment – any legal method used to pay for an item or service in a transaction. Gift – this is legally defined as giving something to a “buyer” without expecting any monetary compensation or consideration.
Seller – the person or party who gives up an item or service for sale. An as-is bill of sale also protects the seller from being forced to refund the buyer for any defects, even if they are discovered after the purchase.īuyer – the purchaser of a service or item. Short Video Guide to Bill of Sale Documents Key TermsĪs-Is – This term is used in most bills of sale and means that the item is “sold or purchased from a private party in its current condition.” From the legal perspective, it implies that the buyer accepts and acknowledges any defects or faults of the item at the time of purchase and cannot use those against the seller in a lawsuit. Obtaining this document is often required during vehicle registration and title transfer.Īfter you complete a bill of sale, ensure both parties involved sign the form and keep its copy to protect the buyer and seller from legal claims by either side.Ī bill of sale can sometimes be called by its alternative names: declaration of sale, proof of payment, certificate of car sale, bill of transfer, proof of sale for car deals, sales receipt, or sales slip. It is usually used in car, motorcycle, watercraft, and gun deals. A bill of sale contains all of the essential information about the sale and the condition of the personal property being sold. It proves that an item was passed from one party(seller) to another (buyer). What Is a Bill of Sale?Ī bill of sale acts as a receipt and documents a sales transaction. If you are not interested in learning more about this form, you can jump straight to the creation process by clicking the “Create My Document” button or downloading one of our free fillable templates in PDF and creating your document.
If you want to find out more about all the relevant aspects, we invite you to continue reading and watch our video guide below.
That includes the basic terms, an extended definition, standardized form types, and a detailed template completion process. This article contains a comprehensive guide on many aspects of using bill of sale forms. Landlord (Tenant) Recommendation Letter.
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