Regardless of what type of property or item you are about to sell or buy, you should insist that a Bill of Sale is used to finalize the transaction. A Bill of Sale Form that is compliant with your state’s laws is the only way both parties in a transaction can feel 100% secure about the terms of the transfer of ownership.
5 Reasons Buyers and Sellers Need a Bill of Sale
- A Bill of Sale documents the date of the transfer of ownership. There will be no dispute over when the transfer of ownership took place if a Bill of Sale is used.
- A Bill of Sale documents the names, addresses and signatures of the parties involved in the transaction. You will have a record of exactly who your purchaser was or who sold you property, so there is no question about involved parties.
- You have proof of ownership if you have a Bill of Sale. Without a legal document, your rights to property cannot be verified.
- The value of your purchase is documented in writing. Neither the buyer nor the seller can dispute the amount paid for an item when it is recorded on a Bill of Sale.
- Any warranties or representations are legally outlined. If you are selling or buying an item “as is,” for example, it will be recorded. A Bill of Sale protects the consumer rights of both sellers and buyers.
When any type of personal property is bought or sold, a Bill of Sale should document the transaction in writing. It is easy, convenient and affordable to obtain Bill of Sale forms online, regardless of your state of residence or the type of property you are selling or buying.