What is a bill of sale? It is an important legal document which can help protect sellers’ as well as buyers’ interests. It comprises of all the vital details related to the property and / or asset in question which is being offered on sale. Find out about some of the common uses of this type of document. Please visit this website for more info about legal forms and documents.

Protects interests

It is unfortunately quite common to find fraudulent practices coming up in sales transactions. A bill of sale clearly highlights all the details and information related to the item in question that is being offered on sale. It reduces the incidence of fraud and also limits the possibility of the property being seized illegally.

Signifies ownership transfer

This kind of document denotes a transfer of the ownership of an item – a piece of property, asset, equipment, vehicle etc – from one owner, entity or individual to another. A blank bill of sale form also affirms that the transaction was carried out in a way that both parties - that are part of the transaction - agreed to. Both parties offer all the important information – such as the street addresses, name and contact numbers being used at present.

Denotes the price

The bill of sale also mentions the price that the item in question was being sold at, and whether the payment was done in the form of money or some kind of asset. This ensures that there will be no confusion regarding the price at a later stage. There are identifying features, such as serial number, signature of the manufacturer and other important information that are included in this kind of document. A short description of the asset being sold is also included in the paper. The document is regarded as binding and complete when both the seller and the buyer sign it.

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