The bill of sale may also contain information related to both the seller and the buyer. The bill of sale contains all necessary information pertaining to the transaction and a lot more.Ī typical bill of sale will contain details about the object being sold, the expiry information if any, the special conditions, prior history, requirements for future upkeep, and the manufacturing date. What is the Bill of Sale Word Template?Īs we have mentioned above, a bill of sale or a certificate of transfer is usually created to testify the transfer of ownership of an asset, usually an automobile. You can look up laws within the state you live in and even in your country to see the legal requirements. Some states in the United States require a notarized bill of sale for the process to be considered authentic. Getting a bill of sale only makes legal sense, considering the process that is to follow after buying an asset. It is Legally RequiredĬutting a long story short, bills of sales are a legal requirement in the United States. The bill of sale ensures that the details mentioned on the document are authentic and record the complete transaction. With a bill of sale, all new owners can proceed to the relevant department and transfer the vehicle to their name.Ī bill of sale can come in handy even with assets other than a vehicle.
A bill of sale can help make the process easier for the new owner. New owners want to simplify the registration process after purchasing a used car. The bill of sale authenticates that you have sold the property to another individual and aren't responsible for the dues. A bill of sale acts as authentication of just that and protects you from unnecessary future litigation.įor instance, without a bill of sale, all parking tickets incurred on your sold vehicle will come in your name and not in the name of the new owner. Once you sell an asset, including an automobile, a house, or even personal property, you no longer hold liability for it. Some of the benefits of drafting a bill of sale include: Legal ProtectionĪ signed copy of a bill of sale can help give you legal protection from complications after the asset's sale. Bill of sale word templates can help make the process easier. Benefits of Drafting a Bill of Saleīuying or selling property or a vehicle can be a major investment, which is why you must record the sale through a bill of sale. The bill of sale word template is necessary for closing sales deals and here we have several free bill of sale word templates. The bill of sale isn't restricted to certain cases and can even cover scenarios such as the sale and purchase of a personal property. The bill of sale or transfer document could be prepared for the sale of an aircraft, a used car, or even a house.
A bill of sale is a sales receipt or a contractual document when an individual sells an item of high value.
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