Bill of Sale Form – A Bill of Sale is a document that details the particular terms of a transaction between two parties called the “buyer” and the “seller” Also sometimes referred to as a Purchase and Sale, it is a simple form that states the financial terms of an agreement between the parties and signed by the “seller” (the signature of the buyer is usually not required). The monetary funds involved in the transaction such as cash or a certified check are required to be handed over at the time of purchase and dated on the bill of sale.
A state-approved Bill of Sale is made available on the official DMV (Department of Motor Vehicles) websites of many states in the US. However, you can avoid driving to the offices of the Department of Motor Vehicles in your area and save time browsing for the application form by downloading a printable Bill of Sale directly from this website.
If a specific personal property Bill of Sale Form is not available from the state you live in, don’t worry because we can provide you with a General Bill of Sale Form or a blank Bill of Sale Form that you can use to create your own Bill of Sale for a specific item.
What is the Most Common Use of a Bill of Sale Form?
The most common use of a Bill of Sale Form is for the sale or purchase of a motor vehicle. However, even though a Bill of Sale can provide information regarding the terms of the exchange, in addition, most states will require that the title to the vehicle be signed over to the buyer as well. A Bill of Sale can be seen as a document that can be referred to in event that evidence is required for tax purposes or as a receipt in the event that a legal dispute should ever arise.
Information on a Bill of Sale Form
A typical Bill of Sale Form usually contains the following information:
- The names of both the buyer and the seller.
- Current addresses of both parties including the street name, city, state, zip code. (Note : P O Box numbers are not acceptable proof of address on a Bill of Sale).
- Telephone numbers of both parties.
- Detailed information regarding the personal property being transferred. The specific information regarding the item to be transferred must be provided on the corresponding Bill of Sale, for example, whether it is a used car, a trailer, a motorcycle or a boat, etc. If the item is a used car the Bill of Sale must also contain the following information: the make, model, VIN (Vehicle Identification Number), year of manufacture, and the odometer reading at the time of the transaction.
- The date of the sale.
- If the car is sold “As Is” the Bill of Sale must state that the item is being sold “As Is Without Any Warranties”. This means that the quality of the item is not guaranteed by the seller and that the seller cannot be held liable for any imperfections or flaws in the item.
- Both the buyer and the seller must sign the Bill of Sale and in some states, a notary public seal is required that identifies the signature and identity of the seller.
Benefits of a Bill of Sale Form
The most important purpose of a Bill of Sale Form is to legalize the transfer of personal property that benefits both the buyer and the seller.
Benefits for Sellers
- The inclusion of a sentence that signifies that the item is sold “AS IS” helps to protect the seller should any defects or problems arise after the date of the transaction. It indemnifies a seller from being responsible for any damages that are present or may occur to the item in the future.
- It serves as proof of transfer of ownership that may be critical evidence in certain cases. For example, if you have sold a firearm that is subsequently associated with a crime, your signed Gun Bill of Sale can be used to prove that you were not the registered owner of the firearm at the time that the crime was committed.
- A Bill of Sale form can be used for personal or business accounting purposes or as supporting documentation for tax submission.
Benefits for Buyers
- A Bill of Sale form can be used as proof of ownership of a personal asset. It verifies your right of ownership of personal property, for example, when listed as part of your total assets submitted when applying for a bank loan or when registering a used vehicle at the Department of Motor Vehicles.
- Information such as the date of transfer of ownership and the total amount of the transaction can help prevent any possible disputes regarding details of the item and when it was transferred.